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r Business

Your Bank
— Page 24


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Federal Reserve Bank of St. Louis

NATOR AND POET ADDRESS

OFFICERS
Jam es

E.

H a m il t o n

Chairman E xecu tiv e Com m ittee
S.

E.

C O Q U ILLE TTE

Chairm an o f the Board
John

T.

H

a m il t o n

II

P residen t
F red W . S m it h

Vice President
R e g in a l d B . F igge ,

Vice President
M a r v in R . S elden

Vice President
R. W . M anatt

Vice President
L e o n a r d W . B r o u l ik

Vice President
S. J . M o h r b a c h e r

Vice President
J. E . C oq u il l et t e

Vice President
A r t h u r E . L in d q u is t , J r .

Vice President
E verett C. P r a t t

Cashier

Unexcelled Service . . . in the
¿6

Grain Capitol” of the World

C. F . P e r e m s k y

Asst. Cashier
V ictor W . B r y a n t
A sst. Cashier
N . J. D autrem ont

Asst. Cashier
R obert A . H a h n
A sst. Cashier
W . F . V om acka

Asst. Cashier

Harvest from Iowa’ s fertile fields is pouring in a vast stream
to nations throughout the world.

Agriculture is Iowa’ s larg­

TRUST D EPAR TM EN T
R u s s e l l I . H ess

Vice President

est industry and Iowa farmers serve customers everywhere.

R. D. B r o w n

The Merchants National Bank, located in the heart of this

O. A . K earney

Trust Officer
Trust Officer
F . F orbes O lberg

agricultural area, is equipped to provide you with unexcelled

A ss’t. Trust Officer

service on grain drafts and other items. Find out for yourself
why more Iowa banks rely on The Merchants National than
any other hank for complete correspondent hank service.

TH E

M ORTGAGE LO AN
DEPARTM ENT
R a y m o n d D . O rr

Manager

Merchants Nati

Bank
CEDAR RAPIDS, IOWA
Member Federal Deposit Insurance Corporation
No. 820. Northwestern Banker, published m onthly by the Northwestern Banker Company, at 306 Fifteenth St., Des Moines, Iowa. Subscription,
35c per copy, $3.00 per year. Entered as Second Class M atter January 1, 1895, at the Post Office at Des Moines, Iowa, under A c t o f March 8, 1879.
FRASER

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Federal Reserve Bank of St. Louis

3

M r . J o h n s o n ’s b i l l s a r e p a i d

m s s ::ri

-■
?1

Some people still spend hours walking and waiting in line to pay
b ills... but more and more walk only as far as the mailbox. It s
so much easier and safer to pay by check! But the service your
bank’s checks give your customers need not stop there. Not when
they are lithographed on La Monte Safety Papers. W ith them
you can give your customers the satisfaction that goes with using
a product of obviously fine quality... quality that also does jus­
tice to your bank. W hy not investigate La Monte Safety Papers
now? For over 80 years, they have been the first choice of a
majority of the country’s leading banks.
A C h eck Paper All Your O w n - Thousands of banks and many of the larger corpo­
rations use La Monte Safety Papers icith their oivn trade-mark or design made in the
paper itself. Such in d iv id u a l iz e d check paper provides maximum protection against
both alteration and counterfeiting — makes identification positive.
Ask your lithographer to show you samples
. . . or we will gladly send them direct.

THE WAVY LINES ® ARE
A LAMONTE TRADE-MARK


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Federal Reserve Bank of St. Louis

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955

No. 4

in a series of discussions important to every

it pays to call in specialized
counsel before you plan your project
f o r

profitable
new
bank quarters

Long before surveyors drive the site stakes, the future of
your new quarters project may have been determined.
For the difference between profitable investment and
costly failure often lies in preliminary project analysis by

bank designing specialists.
When you call us in before plans start, our analyst can
save you much time in your early project conferences.
From his specialized experience on many different bank
projects, he can outline invaluable planning shortcuts —
and budget savings — for you.
In planning for your needs, your bank’s operational re­
quirements are first carefully surveyed. This survey has
saved many bankers the cost of a new building, for our
recommendation was modernization instead. Where pres­
ent quarters modernization is impractical, we will survey
other buildings for you and advise on purchase and
remodeling for your use.
When a new building is required, we inspect possible
sites and, on the basis of experience, point out advantages
and disadvantages. Our analysis of locations can show
you how to capitalize on street and pedestrian traffic, and
how to employ parking and drive-in banking facilities
most profitably.
Since we know the banking business, our experts can
closely analyze your bank’ s potential growth. Our
designers plan your quarters not only for beauty and
efficiency, but also for economical expansion, so you will
be ready for new business when it comes.
Select your bank’s designer with care. Check our reputa­
tion and financial responsibility by talking to any of almost
3,000 bankers with whom we have worked. Whether your
budget is large or small, your project can benefit from
our experience and specialized services.

Headquarters: ST. L O U IS, 9 t h & S i d n e y S t r e e t s
Offices in: N E W YO R K, 1 0 3 P a r k A v e n u e


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Federal Reserve Bank of St. Louis

ATLANTA, W

estern

U n io n B l d g .

S A N F R A N C ISC O , 2 9 5 P o s t S t r e e t

M IA M I, 5 2 0 4 W e s t F l a g l e r
C H IC A G O , 3 3 3 N o r t h M i c h i g a n
Operating Outside the Continental U. S. as:
B a n k B u il d in g C o r p o r a t io n I n t e r n a t i o n a l

Operating in Mexico as: E d if ic io s P a r a B a n c o s

also creators of Am erica’s outstanding office buildings

banker considering new quarters

lys®!
FIRST N ATION AL BANK OF GA IN ESVILLE
GAINESVILLE, FLORIDA
Designed and Equipped by Bank Building Corporation

W e invite you to visit us in St. Louis. Take a trip through our
plant . . . see how the world’s largest organization of bank
building specialists carries a project through from preliminary
sketch to final details of completion.

Mr. J. B. Gander, President
B a n k B u il d in g a n d E q u i p m e n t C o r p o r a t i o n o f A m e r i c a
9th and Sidney Streets, St. Louis, M o.

Send my free copy of

‘ ' b a n k e r ’ s g u id e t o p r o f i t a b l e

N E W Q U A R T E R S /'

If you’re contemplating new banking quarters, send
for your complimentary copy of this new


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Federal Reserve Bank of St. Louis

On or abouti

portfolio, “ Bankers
Guide to Profitable
New Quarters.”

□

□

NEW
B U IL D IN G

M O D E R N IZ E D
QUARTERS

jwe contemplate:
□
NEW
F IX T U R E S

M O D E R N IZ E D
F IX T U R E S

Nam e
T it l e
B a n k ____________________________________________ ___________________

I
C i t y a n d S t a t e __________________________________________________

i
I

i

Pretty penny for copper
A look at what m odern banking does for one of the
oldest industries on earth.
As any copper man can tell you, it does
take a p retty penny to keep A m erica’s
Copper Industry producing nearly a mil­
lion tons of metal a year, from domestic
sources alone.
Traditionally, profits after taxes and
capital invested by stockholders finance
copper progress. But som etim es—just as
happens in the best regulated families —
what goes out for expansion exceeds the
capacity of working capital. T h at’s where
the banker pitches in, or more precisely...
advances a pretty penny.

Bank Role
A bank loan made on the reputation and


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Federal Reserve Bank of St. Louis

resources of a copper com pany goes to
cover practically any activity from min­
ing ore to perfecting new alloys for finished
products. In mines, fabricating centers,
and manufacturing plants bank loans help
dig copper, refine copper and make copper
products. A nd to com plete the copper
lending pattern, banks frequently help re­
tail merchants stock shelves with the thou­
sands of copper and brass items you use
every day.

The Human Angle
All told, these bank loans to the Copper
Industry come to many millions every
year. But statistics aside, there’s a hu­

man angle to the copper loan story.
W herever money works in a freely competi­
tive economy, men and women work, too, and
the goods they produce. . . the wealth they cre­
ate . . . make the whole nation happier, health­
ier and more progressive.
The Chase M anhattan Bank of New
\hrk, a leader in loans to American indus­
try, is proud of the contribution banking
has made and is making to the progress of
our country.

THE

C hase

M a n h a tta n
bank

( m e m be r federal deposit in s u r a n c e corpo ratio n )

One of a series of advertisements being published in New York City newspapers.

7

iP e a r E d i t o r

Oldest Financial Journal West of the Mississippi

IN THIS NOVEMBER, 1955, ISSUE
The follow ing letters are from
N orthwestern Banker readers. Your
views and opinions on any subject are
w elcom e in this column.

61st Year

“ Appreciate This”
“ Thank you very much for the editorial
addressed to me in the September issue of
the N orthw estern B an k e r . I greatly ap­
preciate this support in our program for
broadening shareowner ship.”
G. K eith Funs ton, President,
New York Stock Exchange,
New York, New York.

“ T op s”
“ The N orthw estern B an ker is tops in
every respect— power to you.”

Frank L. Fonda, Cashier,
Bank o f St. Edward, St.
Edward, Nebraska.

“ Excellent Editorial”

EDITORIALS
14

A cross the Desk from the Publisher

FEATURE ARTICLES
17
18

21
22
24
25
26
42

“ Thanks very much for your excellent
editorial in the September issue of the

Bank Building and Equipm ent Has “ Open H ouse” fo r Editors
. . . B en J. Haller, Jr.
“ H ere’s W h y I Like B anking as a C areer” . . . A N o r t h w e s t e r n
B a n k e r S u rvey
News and Views o f the B anking W orld . . . Ben J. H aller, Jr.
A Three-fold Program o f A dvertisin g and Public Relations fo r
Correspondent Banks . . . John T. H am ilton II
A dd in g a Farm R epresentative Means Better Business fo r Y our
Bank
V ery A ble Lecturers Conduct International Banking School . . .
C. R. G ossett
Bankers Y ou K now — John C. W right
Im proved Loan P rogram to Help Farm ers A cquire Fam ily-Size
Farm s

BONDS AND INVESTMENTS

N orthw estern B anker ,

“ Within the next week or two I am sure
that we shall be able to send you page
proof of our new book, and from its con­
tents you may be able to do a little further
constructive commenting in your worthy
publication.”
William Powers, D e p u t y
M a n a g e r , The American
Bankers Association, New
York 16, New York.

51

Boom Y ear Continues in C haracteristic Fashion . . .
Raym ond T rig ger

55

They A ll Love M argie . . . Jim Dawson

INSURANCE

STATE BANKING NEWS
M innesota
Twin City
South Dakota
Sioux Falls
North Dakota
M ontana

“ Humdinger”
“ Thanks for the editorial on Senator Hu­
bert H. Humphrey in the August issue of
N orthw estern B anker , I t ’s a humdinger
and you rang the b ell!”
B o u r k e B. Hickenlooper,
United States Senator from
Iowa, Washington, D. C.

D E A R E D IT O R . . .

(Turn to page 8, please)

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Federal Reserve Bank of St. Louis

News
News
News
News
News
News

61
62
67
70
71
72

75
80
82
87
94

Nebraska News
Omaha News
Lincoln News
Iow a News
Des Moines News

OTHER FEATURES
97
97
98

“ Sound Appraisals”
“ Sound appraisals” as mentioned in your
editorial in the September N orthw estern
B an ker , “ certainly are an important factor
to be considered when granting loans on
real estate, and I agree with you that
warnings against the excessive use of credit
are appropriate at this time.”
Walter W. McAllister, Chair­
man, Federal Home Loan
Bank Board, Washington,
25, D. C.

No. 820

In the D irectors’ Room
Conventions
Can D river Be Denied Dam ages Because He Had Been D rink­
in g? . . . Legal Questions and Answ ers

NORTHWESTERN BANKER
306 Fifteenth St., Des Moines 9, Iowa, Telephone 4-8163
Publisher

Clifford De Puy
Associate Publisher

Malcolm K. Freeland
Editor

Een J. Haller, Jr.

Associate Editor

Walter T. Proctor
Associate Editor

Circulation Department

Lena Sutphin
Secretary

Daryl F. Visser
Advertising Assistant

Elizabeth Cole

Zorah Pender
Field Representative

A. M. Lemieux

Auditor

Field Representative

Pat Bergstrom

Al Kerbel

NEW YORK OFFICE
Frank P. Syms, Vice President, 505 Fifth Ave., Suite 1806

MUrray Hill 2-0326

DE PUY PUBLICATIONS:

Northwestern Banker, Underwriters Review,
Iowa-Nebraska Bank Directory
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955

8

KEYSTONE:

WEBSTER

“A

part or force on which associated things depend."

ON TH E CO VER
A record number of bankers turned
out again this year for the Iowa
Bankers Convention in Des Moines
with a new high registration figure of
3,251. The continued top attendance
at this annual meeting is due prin­
cipally to the high caliber program
provided year after year.
Evidence of this is shown in the ex­
clusive picture of three of this year’s
speakers appearing on the front cover
of this issue of the N o r t h w e s t e r n
B anker.
They are Dr. W. Randolph
Burgess (left), Undersecretary of the
Treasury; the Honorable William F.
Knowland (center), United States Sen­
ator from California, and Carl Sand­
burg, poet, biographer, novelist, and
guitar player extraordinary.
Further details and pictures of the
convention appear on page 87.
D E A R E D IT O R . . .
(Continued from page 7)
“ Number One”

OF SOUND INVENTORY LOANS
Yes! Your customers’ inventories
become preferred collateral when
covered by St. Paul T e rm in a l
Warehouse Receipts.
Legal Liability—Fidelity Bond Cov­
erage and forty years experience
make them the soundest choice.
Des Moines Office
616 Empire Bldg.

Omaha Office
312 Electric Bldg.

“ The N orthw estern B an ker has always
been number one on our list of friends and
anytime that we can be of help to you,
please feel free to call on us.”
Harris V. Osterberg, Secre­
tary, Nebraska Bankers A s­
sociation, Omaha, Nebraska.

“ First Thing I Read”
“ I find your editorial page extremely
interesting. It is always the first thing I
read in the N orthw estern B an k er and I
have never been disappointed in the author’s
choice of material and his approach to re­
ports on the subjects that cross the desk of
the publisher. He says what I would say if
I could do it as well.”
Mrs. Bita E. Bawll, Vice
President, Christmas Club a
Corporation, 230 Park A ve­
nue, New York, New York.

D E A R E D IT O R . . .

(Turn to page 28, please)

George V. Mickelsen, Dist. Mgr.
Call 2-1208

UNQUESTIONED
FINANCIAL INTEGRITY

Russell V. Peterson, Dist. Mgr.
Call Atlantic 7190

H H B Pv
BOND COVERAGE

CT7PAUL TERMINAL WAREHOUSE CO.
4 2 5 EAST 8th STREET

t h w e s t e r n B a n k e r, N o v e m b e r , 1955
Digitized N
foro rFRASER
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Federal Reserve Bank of St. Louis

\ST. PAUL, MI NNESOT A

P U B L IS H E R ’ S S T A T E M E N T
Statement of the Ownership, Managem ent, and
Circulation required by the A ct of Congress
of A ugust 24, 1912, as amended by the Acts of
March 3, 1933, and July 2, 1946 (Title 39, United
States Code, Section 233) of T h e N o r t h w e s t e r n
B a n k e r , published monthly at Des Moines, Iowa,
for October, 1955.
1. The names and addresses of the publisher,
editor, m anaging editor, and business managers
are: Publisher, Clifford De Puy, Des Moines, Iowa;
Editor, Ben Haller, Jr., Des Moines, Iowa: A sso­
ciate Publisher, Malcolm Freeland, Des Moines,
Iowa; Associate Editors. W alter Proctor, Des
Moines, Iowa, and Daryl Visser, Des Moines, Iowa.
2. The owner is: N o r t h w e s t e r n B a n k e r C o m ­
p a n y , 306 15th Street, Des Moines, Iowa; Clifford
De Puy, Des Moines, Iowa; Frances Prouty De
Puy, Des Moines, Iowa.
3. The known bondholders, m ortgagees, and oth­
er security holders owning or holding 1 percent or
more of total amount of bonds, mortgages, or other
securities are: N one.
C lifford D e P u y , Publisher.
Sworn to and subscribed before me this 22nd day
of September, 1955.
(Seal)
B e n H a l l e r , J r ., N otary Public.
(M y commission expires July 4, 1957.)

9

Reminder to call in your man at the Irving!


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Federal Reserve Bank of St. Louis

• Faced with a tough assignment? He’s your man. Call
on him as freely as you would a member of your own
staff. In fact, he wants to be considered just that.
Broadly experienced himself, he has at his finger tips
the facilities of one of the world’s largest banking or'
ganiz,ations . . . a global network of correspondents . . .
experts in every field of commercial banking.
Once you ask his help, every assignment— no matter
how complicated or routine— rates equal priority. Your
man at the Irving is there to give you service— is just
waiting for you to say the word.

IR V IN G TRU ST COMPANY

,

One Wall Street New York ij, N.Y

N o r t h w e s t e r n B a n k e r , N o v e m b e r , 1955

10

Look at the new Reliant

^ % £ C D I? D fiÊ <
(Subsidiary of Eastman Kodak Company )

originator of modern microfilming—and its application to banking systems
" Recordak” is a trademark
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955


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Federal Reserve Bank of St. Louis

11
»

... look at the pictures it takes
Look before you buy any microfilmer and you'll see
why this sensational new SI800 machine
gives you more for your microfilming dollar.
“Not one picture missed”
An amazingly accurate automatic feedall but ends possibility of "m issed”
pictures. Should two documents be
stuck together, they’ re halted at
feeder’ s throat . . . do not travel
into machine. Operator can
separate immediately.

3 ways to record
D u p l e x — fr o n t s a n d
hacks are recorded si­
m ultaneously, side by
side, as shown on film
above.
D u o — fr o n t s are r e ­
corded down one side,
then up the other.

/

Standard— fron ts are
recorded across full film
width.

400-per-minute speed
...w h e n photographing checks; up
to 140-per-minute feeding statements
or letters.

t í Lowest per;¡Vv\

picture cost

You get 82 pictures of
checks for I f when ph oto­
graphing at 40-to-l reduction
* ratio— highest today in 16mm
microfilmers.
New spacing control saves film, too,
gives maximum number of pictures
with automatic or hand feeding.

Like having 3 Microfilmers
In addition to photographing at 40to-l, you can also use 32-to-l and 24to-1 reductions. Operator can change
lenses in a minute. One lens comes as
standard equipment;
other two are
low-cost
accessories.


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Federal Reserve Bank of St. Louis

Straightens out documents
which are fed crookedly or are creased
or fold ed o\er. A lso p h o to g ra p h s
documents which are slightly oversize
— over 11 in. wide— without tearing
or creasing.

Makes duplicate films
Y ou can expose two
rolls at all three re­
ductions. and with
all three recording methods. —. ^

Precision
optical system
f
Lenses are designed
for microfilming only
to famous Kodak stand­
ards. Variations in room
temperature do not
affect optical system.

Eliminates a separate job
o f endorsing or cancelling checks,
when new, low-cost accessory unit is
employed.

Operators love it
Microfilmed documents are delivered
to eye-level stacking tray— no stooping
or reaching. A ll controls are at finger
tips! Item counter and film footage
indicator are checked at a glance.
Plenty o f leg room, too.

See the new Reliant soon . . . surprisingly lo w priced at $1800
M AIL C O U PO N T O D A Y ------------ j
RECORDAR CORPORATION
(Subsidiary of Eastman Kodak Company)
444 Madison Avenue, New York 22, N. Y.

R-18

Gentlemen : Please send folder describing
new Recordak Reliant in detail.

Name.
Position.
Bank.

City.
Street.

.State.

N o r t h w e s t e r n B a n k e r. N o v e m b e r , 1955

12


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Federal Reserve Bank of St. Louis

High

onour list of

the things we haue

1

to be thankful for.
is the large and
ever-growing list of
CORRESPONDENT ACCOUNTS
it is our privilege and
pleasure to serve.
'JgovcÙ . 'P 'U eneU cf

CENTRAL N ATIO N AL BANK
and Trust Com pany
DES

M O IN ES, I OWA


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Federal Reserve Bank of St. Louis

tion will have to come primarily from the defense
budget which is now about $34 billion.
When we consider that the assessed valuation of
all taxable real estate in the United States is $240
billion you can see that our national debt is $39
billion more than the total value of all such real
estate, and thus we have a national debt which is
approximately 16 per cent greater than the value
of all our property.
The most encouraging analysis we have heard,
Mr. Burgess, you made in a recent speech when
you gave the percentage of national debt to na­
tional income and which figures were as follows :
1948 National Debt 166% of National Income
1954 National Debt 91% of National Income
1955 National Debt 85% of National Income
Thus, while our national debt has not gone down,
our national income has increased, so that percent­
age-wise we are in better shape than we have been
for some time.
Our goal must be to reduce expenses so that the
burden of taxation can likewise be reduced.

ACROSS ite DESK
LWmt the PuMiMm
(bsjaA, William* J>. Jinowland:
United S tates Senator from C alifornia

Someone has said that “ even a smiling bear
can kill with a hug,” and with that statement we
agree, as we are sure you do.
In a recent statement you said “ Russia has vio­
lated 25 agreements in the last 20 years.”
With such a record “ the smiley glad boys in
the Kremlin” still respect only strength and there­
fore we must not let down our guard.
As you have also mentioned, Senator, there are
91)0,000,000 people behind the Iron Curtain today,
with probably over 1,000,000 who have been liqui­
dated.
As we see it, the cold war will go on for many
years, but let’s hope that it can be prevented from
becoming a hot war.

QqoJl, W. (Randolph, (BuAqsiAA^:
U n d ersecretary o f the T reasury,
W ashington, D. C.

With a national debt of $279 billion, the ques­
tion is, how and when it will be reduced.
You realize as we do that any substantial reduc­
id


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Federal Reserve Bank of St. Louis

(D iW A .

fisu n A o n .

S ecreta ry o f A gricu ltu re,
W ashington, D. C.

Even though the gridiron season is about over,
politicians are making a “ political football” out of
you and the agricultural department. In trying to
build up a winning team that would make both the
players and the customers happy you have had,
and still do have, a tough job.
Should the farm program be one which con­
tinues to guarantee farmers a definite price for
their products, and if the market price is less than
this amount, pay the difference out of the United
States Treasury?
Shall we continue to pile up farm surpluses in
this country whether we need them or not?
At the present time there is about $5 billion of
government money— taxpayers’ money— invested in
farm surpluses.
Some of the farmers say that all Walter Reuther,
president of the C.I.O., has to do is to point a gun
at the head of big business, primarily in the auto­
mobile industry, and tell them to pay his union
more money or they will strike. The companies
pay the increased wages, and pass it on to the con­
sumers. Farmers cannot operate as “ easily” as
this and neither can they turn on, nor off, their
crops as easily as a factory can open or close, so
farmers must rely upon their own organizations
and the political influence which they wield with
the government at Washington.
In 1955 for the first three quarters of the year
your department reports that the farmers’ cash
N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1955

receipts are estimated at $19,700,000,000, or only
4 per cent less than in a corresponding period last
year.
This is certainly not indicative of a “ farm reces­
sion or depression” bnt naturally everyone would
like to have the 4 per cent on the plus side, rather
than the minus side.
In the meantime you and your associates con­
tinue to favor a flexible farm support plan although
your democratic opponents believe that a rigid 90
per cent of parity for basic commodities should be
maintained.
In the final analysis, Mr. Benson, all of us in­
terested in the farm problem— and who isn’t— must
face the fact of surpluses and unbalanced produc­
tion.
It is not an easy solution, but the N o r t h w e s t e r n
B anker
believes that you are honestly and sin­
cerely trying to find the right answers based on
good judgment and sound economics.
Anyway, it is a pleasing thought to remember,
that most farmers today can still drive to town in
their own Cadillacs.

Qrwl. 5-

TYL.u
jlh
o
Q;

A ssista n t V ice President, F irst N ational Bank,
M inot, N orth D akota

In this issue of the N orthwestern B anker is a
survey on ‘‘Why I Like Banking as a Career,”
and to which you, Mr. Johnson, and many other
bankers very kindly contributed with their own
ideas and thoughts on this subject.
In your report to us you said, “ Banking has more
to offer a young man today than ever before. Offi­
cials have realized now that through lack of fore­
sight there has developed a shortage of qualified
personnel to assume leadership in the years to
come. Therefore they have increased benefits, such
as salary, insurance, annuity provisions and profit
sharing and are constantly looking for well quali­
fied young men.”
The N o r t h w e s t e r n B a n k e r believes that this is
a proper analysis of banking today and the im­
proved attitude that bank directors and the top
officials of our institutions are taking today in
analyzing what they should do for their officers
and employees if they wish to continue to attract
them into the banking business.
Chart No. 3 in the N orthwestern B anker sur­
vey asked the question, “Are there any particular
studies in college you would recommend for a
young man considering banking as a career?”

45.5 per cent of the bankers replying mentioned
law.
1.
2.
3.
4.
5.
6.
7.
8.
9.

Law— 45.5%
Accounting and Mathematics— 43.5%
Business Administration— 40.9%o
Economics— 36.3%o
Finance and Banking— 23.6%
Public Speaking—18.2%
Public Relations— 18.2%
Agriculture— 17.2%c
Other Liberal Arts Courses— 28.1c/c

If the above information could be presented to
each freshman entering college and who hoped to
enter banking as a profession, this report might
help as a guide to direct him towards the courses
which would be most helpful in his future banking
business.
In analyzing some of the other replies to the
N o r t h w e s t e r n B a n k e r survey, one banker said,
“ A banker has the opportunity to study the eco­
nomic activity of our country” . . . and another
one said, “ Banking is a business that by necessity
keeps you up to date and it is a calling respected
by most people. Furthermore, it stimulates me
and challenges my abilities, giving me a more than
adequate living. Can anyone’s work offer more?’
Thus banking as a career today is giving more
satisfaction to those now in it as well as offering
increased incentives for young men and women
who are on the threshold of their business careers
and wish to make banking their life’s work.

(Dmvl (Donald JC. (David:
Chairman, Business A d v isory Council,
Departynent o f Com m erce, W ashington, D. C.

When 28 leading economists and industrialists
predict that 1956 will bring higher prosperity than
1955, which is breaking an all-time economic rec­
ord, this sounds like a pretty intelligent basic pre­
diction.
These men met with you, Mr. David, when you
discussed the business situation and presented your
forecast for 1956.
As you express it in your report, “ the corpora­
tion presidents predicted slightly higher retail
sales, continued high outlay for plants and equip­
ment and the continued trend of rising employment
and falling unemployment.”
Let’s hope, Mr. David, that the predictions of
yourself and your committee come true in 1956
and we believe they will.

The suggestions which you made, Mr. Johnson,
and other bankers who wrote to us on this subject
are included in the following interesting report.
Percentages refer to the frequency with which
bankers referred to each subject; for example,
N oFRASER
r t h w e s t e r n B a n ke r, N o v e m b e r , 1955
Digitized for
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Federal Reserve Bank of St. Louis

15

16

s ix n a t io n a l c o m m e r c i a l b o o k k e e p i n g machines handle the bank’s
rapidly expanding operations easily, provide complete audit control.

has grown from a 7 million
dollar business in 1939 to 32 million dollars today.

t h e c i t y n a t io n a l b a n k a n d t r u s t c o m p a n y

“Our 100% G/fcafamal System

saves its cost every 3 years...
returns 35% annually on our investment !
— City National Bank & Trust Company, Oklahoma City, Okla.
“ Today we are a
32 m illion dollar
bank,” writes Mr.
D.
President “ and we
are very pleased to
state that our 100%
N ational System
played an impor­
MR. D.W . HOGAN JR., tant part in the con­
President
tinuing growth of
our business. Customer confidence in
our National System has been most
gratifying.
“ We have been using Nationals for

the past 15 years and our entire sys­
tem has always provided complete
audit control.
National
W. “Hogan
Jr., machines in our bank
pay for themselves just about every
three years, returning 35% of their
cost each year through better utiliza­
tion of valuable bank personnel, re­
duced costs of stationery, overtime
payments, and training of operators.
“ We have had a long period of time
in which to evaluate the performance
of National equipment, and we highly
recommend a complete National Sys­
tem to any bank!”

Your bank can have this same time
and money saving operation. A 100%
National System will soon pay for itself out
of the money it saves and then continue
paying savings as extra dividends. Call
your nearby National representative to­
day and let him show you how. His
number is listed in the yellow pages of
your phone book.

e/kafion al
ACCOUNTING MACHINtS

THE

NATIONAL CASH
977

OFFICES

N o r f h w e s f e r n B a n k e r, N o v e m b e r , 7955


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Federal Reserve Bank of St. Louis

REGISTER COMPANY,
IN

94

COUNTRIES

D A Y T O N 9, O H I O

ADDING MACHINtS

.

CASH RIGISTIRS

17

tin n ii fíu ild in q n n d E q u ip m e n t
Uns

"O p e n

EW trends in modern bank ar­
chitecture were displayed to the
editor of the N o r t h w e st e r n
B a n k e r and editors of other leading
bank magazines last month when
Bank Building and Equipment Corpo­
ration of St. Louis was host to the
group in that city. The editorial con­
ference was appropriately n a m e d
“Bank Town, U.S.A.” due to the great
number of new construction and re­
modeling projects underway in St.
Louis by BBEC.

N

Bank’s Reasoning

After a luncheon presided over by
Joseph B. Gander, president of the
firm, the editors heard William A. Mc­
Donnell, president of the First Na­
tional Bank in St. Louis, relate his
bank’s reasoning for the decision to
remain at the present site in down­
town St. Louis, rather than vacating
the east end of town and building at
another point. Mr. McDonnell stated
that First National’s decision to stay
and remodel was the signal to other
business houses in the older end of
St. Louis to “stay put” rather than
move. Had the First National moved,
he said, then in all probability a num­
ber of other firms also would have
moved, which would have reduced
business considerably in the surround­
ing blocks.
As a consequence, First National
Bank, whose deposits and assets have
grown rapidly to the present half-bil­
lion dollar mark, acquired part or all
of several surrounding buildings in its
square block. Architects have inte­
grated the odd-sized and multi-level
buildings into a solid unit under one
roof to form a new First National
Bank Building. Bank Building and
Equipment has no small part in this
tremendous undertaking, which will
be completed in 1956.
Special Bus

After the luncheon, the editors
boarded a special bus, accompanied by
L. K. Orabka, executive vice presi­
dent; Earl T. Klein and Roy Guinger,
vice presidents, all of BBEC, and Ted
Pepple and Jerry Simon, public rela­
tions directors for Krupnick and Asso­
ciates, the advertising agency which
handles the Bank Building account,
for a tour through First National

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Federal Reserve Bank of St. Louis

H o u s e " E d ito r s

By BEN J. HALLER, JR.
Editor
N orthwestern Banker

Bank Building which showed the in­
genuity with which the various build­
ings had been expertly fashioned into
one workable structure, providing ade­
quate modern banking rooms for the
public, excellent office facilities, work
areas, and pleasant dining quarters
for the staff.
The tour was extended then to in­
clude stops at various other BBEC
projects, the most unusual of these be­
ing the Manchester Bank and the
American Investment Company, the
latter located in suburban Clayton.
The Manchester Bank is the real
“auto-age” bank with seven drive-up
windows and two walk-up windows in

use. Four additional drive-up units
are waiting to be opened as growth of
business warrants.
BBEC’s report last year on “What
Happens When a Bank Modernizes?”
showing that bank business in mod­
ernized banks increases more rapidly
than the national average, is reflected
in the Manchester Bank. The bank’s
deposits have grown $5 million since
construction began over a year ago.
Deposits now are $52 million. A com­
plete new one-story addition was built
at an angle to one side of the old build­
ing. This “peninsula” is set back from
the street, allows drive-up parking
clear across the rear of the addition,
at one end of the new section, provides
two walk-up windows a few feet from
the public sidewalk, and allows 70,000
square feet of parking area.
BANK BUILDING . . .

(Turn to page 30, please)

EDITORS of leading bank magazines heard Joseph B. Gander (standing), president
of Bank Building and Equipment Corporation, St. Louis, describe his company’s services
for banks. Others at head tabic- from left to right are: Earl T. Klein, sales vice presi­
dent of the firm; C. Arthur Hemminger, advertising and public relations director, and
William A. McDonnell, president, both of First National Bank, St. Louis; Louis J.
Orabka, executive vice president of Bank Building and Equipment, and Leigh A. Doxsee,
public relations director of the St. Louis Chamber of Commerce. In near foregiound
with back to camera is Roy Guinger, a Bank Building vice president. A t his left is
Jerry Simon and at right foreground is Ted Pepple, both of Krupnick & Associates
advertising firm in St. Louis.
.
Lower photo is a view o f new Manchester Bank building m St. Louis visited by tlie
editors. Erected at cost of $750,000 it has increased deposits of the bank by $5 million
since rebuilding began a year ago, principally through service of seven drive-up and
two walk-up windows. Two-storv section in background formerly housed the entire
bank.
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 7955

18

CHART NO, 1

“ H e r e ’s W h y
i

L

Do You Think Salaries Today
Are Adequate, Compared With
Other Lines of Business?

i k e H a

60.3%
36%

.1* a C a r e e r "

No Answer
1 3.7%

Glenn V. Dill, vice president, First
National Bank, Oakes, North Dakota:

“Banking is not a get rich quick busi­
ness, and it seems too many young
men want to make their fortunes
quickly and retire. Myself, I never
wish to retire.”

/
m :

■

i. A

S e c u r e F u tu r e

2 . S te a d y A d en n c e m e n ts
¡§¡§i^
L >i*

2 . .lo b Sut isfa c t ion
/ . F r in g e He ne fits
H ood S a la ries

E.
L. Meyer, president, The First
National Bank, Wilmont, Minnesota:

“ Money affairs are the main problems
of individuals and nations. And often
through the study of persons and sit­
uations you can obtain a more efficient
method of handling your own affairs.”
Thomas (). Cooper, vice president,
Jefferson State Bank, Jefferson, Iowa:

“Banking is a changed industry. No
longer does the industry fear the criti­
cism of inadequate salaries and poor
opportunities for advancement.”
H. E. Iverson, president, Farmers
State Bank, Canton, South Dakota:

N CHOOSING a lifetime career,
young men of today place a great
deal of emphasis on salary possi­
bilities and the opportunity for ad­
vancement. In addition, they must
consider the required courses of study
necessary in preparing them for their
work.

I

The N o r t h w e st e r n B a n k e r , with
this in mind, has completed a survey
among its banker readers entitled
“Why I Like Banking as a Career.”
The results of the survey present a
clear picture of the future which
young men can expect in banking.
Questionnaires were received from
men who have been actively engaged
in bank work from one year to 57
years, and 94 per cent agreed that
they would recommend their chosen
field to the young men of today.
Information obtained from this sur­
vey follows in the form of charts and
comments offered by various bankers
on the subject.
N o r t h w e s t e r n B a n ke r, N o v e m b e r, 1955


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Federal Reserve Bank of St. Louis

“Banking offers a real challenge. A
young man must look on himself as
an apprentice when beginning, know­
ing that there will be real rewards in
the future.”

Question No. 1
The question was “Do you think
salaries in banks are adequate today,
compared with other lines of busi­
ness?’’

Chart Number 1 shows this question
brought a variance of opinions from
bank personnel, but in nearly every
instance they mentioned that correc­
tive steps are now being taken to im­
prove salaries, and that in many in­
stances salaries are as good as in other
lines of business if not better. The
stability of wages over a period of
time is a point in their favor. Typical
comments follow:

H. C. Mielke, cashier, Northrop Peo­
ples State Bank, Northrop, Minnesota:

“Banking alone will not make a man
rich. However, the experience and
opportunities which will arise could
direct him to avenues which would be
very profitable.”
C. F. Stilgebouer, president, Potter
County Bank, Gettysburg, South Da­
kota: “ The best personnel available to­

day are the cheapest personnel in the
long run, and salaries should be in­
creased further so that better trained
personnel can be obtained. The better
the personnel, the less time it takes
to train them.”

A Survey Among Northwestern Banker Readers Conducted
To Determine the Future the Banking Field
Offers to the Young Man of Today

19
A. E. Muir, president, Onawa State
Bank, Onawa, Iowa: “ Banking is a

good as or better advancement than
other businesses. Comments follow:

stable business, having the respect of
the community, good working condi­
tions, and good salaries. It also offers
the satisfaction of helping others fi­
nance their homes and businesses.”

G. M. Johnson, assistant vice presi­
dent, First National Bank, Minot,
North Dakota: “Banking has more to

G. E. Allbee, president, Peoples Bank
and Trust Company, Waterloo, Iowa:

“ Banking is full time, steady employ­
ment with regular and continual pro­
motion, although sometimes it may
appear slow. It provides greater em­
ployment security than most indus­
tries and provides ample reward at
the top. New fringe benefits make it
an even more attractive career than
heretofore.”
M. T. Nelson, cashier, Liberty State
Bank, Powers Lake, North Dakota:

“ Banking offers a sound future and
holds many advantages, especially in
small rural banks.”
A. A\T. Hoese, president, Security
State Bank, Glencoe, Minnesota:

“ Banking is a good business. It may
not be the most profitable business,
but with perseverance you will rise
to the top and enjoy the journey. It’s
a highly respected field with pleasant
working conditions.”
K. H. Dietz, cashier, Walcott Trust
and Savings Bank, Walcott, Iowa:

“ The long range prospects for bank­
ing are excellent, but don’t think you
can ever get rich quick in the busi­
ness. It’s a good job, though, over the
long run.”
G. T. Juffer, president, Security
Savings Bank, Ireton, Iowa: “ There

are a lot of possibilities for young men
in banking, but to reach the top it
takes years of work and study while
you’re working toward that goal. If
you give your best, you generally are
compensated accordingly.”
Banker X, Nebraska: “I started in
banking at $45 a month, two years
later was promoted to cashier at $175
a month, and today am president of
my bank. My income has never been
less than $15,000 for the past 20 years.
Banking is still the field today it was
years ago to compensate work and
knowledge.”

offer a young man today than ever
before. Officials have realized now
that through lack of foresight there
has developed a shortage of qualified
personnel to assume leadership in the
years to come. Therefore they have
increased benefits, such as salary, in­
surance, annuity provisions and profit
sharing and are constantly looking for
well qualified young men.”
Donald J. Murphy, president, Farm­
ers State Bank, Osseo, Minnesota:

“ There is definitely the opportunity
for an individual to progress in the
banking field in accordance with his
ability.”
C. A. Dahl, vice president and cash­
ier, Northwestern National Bank of
Bloomington-Richfield, Minneapolis,
Minnesota: “ Banking offers a chance
for advancement for young men to­
day, a secure job, good contacts, in­
teresting work, and an opportunity to
further one’s education through A.I.B.
and banking schools.”
H. A. Hassinger, assistant cashier,
First National Bank, Fergus Falls,
Minnesota: “ Banking holds good pos­

sibilities, good future, many openings
for the young man of today. The start
may be slow, but with training and
education the advancements come.”
A. L. Pospisil, president, Wakefield
National Bank, Wakefield, Nebraska:

“Advancement at present is rapid.”

CHART NO. 2
How Does Advancement In
Banks Compare With Other
Types of Business?

William E. Neudeck, assistant vice
president, St. Anthony Falls Office,
First National Bank, Minneapolis,
Minnesota: “ In my op in ion , the

chances for advancement in the bank­
ing field are the best they have been
in years. Good positions are available
to men who have had sufficient train­
ing to fill them.”
Olay W. Stafford, president, Ames
Trust and Savings Bank, Ames, Iowa:

“Banking is just coming into its own
as a good opportunity for young men.
They are the greatest need in banking
today, but we do not need those whose
principal interest is in short hours.
The need is for men who get lost in
their work.”
C. L. Fiester, vice president, Farm­
ers State Savings Bank, Independence,
Iowa: “Banking offers an excellent op­

portunity for advancement, is an in­
teresting business, is well-paying, and
offers great satisfaction in helping you
know you have helped people to be
successful by loaning them money and
receiving it back.”

CHART NO. 3
Are There Any Particular Courses in College You Would Recommend
For a Young Man Considering Banking as a Career?
Law
45.5%
Accounting and Mathematics
43.5%
Business Administration
40.9%
Economics
36.3%
Finance and Banking

Question No. 2
“How does advancement in banks
compare with other types of busi­
ness?”

It was the general consensus of the
bankers that advancement today is
just as rapid in banking as it is in
any other line of business. Chart
No. 2 shows that 84 per cent of the
bankers polled felt banking offered as

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Federal Reserve Bank of St. Louis

-

>•

-a - > *■-... 23.6%

Public Speaking______________
[ 18.2%
Public Relations______________
I 18.2%
(Percentages refer to
the percentages of
questionnaires men­
tioning the course.)

Agriculture
17.2%
Other Liberal Arts Courses
28.1%

N o r t h w e s t e r n B a n k e r, N o v e m b e r , I95§

20
W. G. Nelson, president, The Hast­
ings National Bank, Hastings, Nebras­
ka: “For the ambitious young man

C. H. Stewart, cashier, Farmers
State Bank, Jesup, Iowa: “ I like bank­

who is not afraid of work and is will­
ing to shoulder responsibility, there
is an opportunity for advancement
and for reward in banking. It offers
the best opportunity today of any
business.”

ing for it gives me the opportunity to
mingle with all classes of people, and
people with all religions. The young
man of today has a real future in
banking, if he works and sticks to it.
There’s a shortage of bank managing
officers today.”

Chester C. Lind, president, First Na­
tional Bank of Aberdeen, Aberdeen,
South Dakota: “ There’s a terrific op­

Albert E. Bowman, cashier, The
Bank of Rhame, Rliame, North Da­
kota: “ Banking is a fine education in

portunity for the young man in bank­
ing who has the proper attitude. The
shortage of executive material will
benefit those entering the field today.”
Gilman A. Klefstad, president, Sar­
gent County Bank, Forman, North
Dakota: “ It’s all up to the individual.

I would say, unless they have ambi­
tion and aspire to a fuller, bigger life,
with more responsibilities, and more
future, they had better stay where
they are. It’s got to be within them.”
Question No. 3
“Are there any particular studies in
college you would recommend for a
young man considering banking as a
career?”

Chart No. 3 shows the variation
in courses recommended by the bank­
ers. The percentage figures in the
chart refer to the percentage of the
questionnaires which listed the course.
Question No. 4
“Why do you like banking as a ca­
reer, and what would you tell a young
man today concerning the field?”

The comments in answer to this
question were many. Just a few of
the typical comments follow:

itself, with pleasant working condi­
tions and favorable opportunities.”
Eber V. Flint, cashier, Andrew Sav­
ings Bank, Andrew, Iowa: “ Banking

is a career where you can go further
on your own initiative than in almost
any other job, and if you do the job
right, you can generally have it as
long as you wish.”
Emer J. Hanson, president, Beaver
Creek State Bank, Beaver Creek, Min­
nesota: “ Banking is the most fascinat­

ing of all businesses I have knowledge
of. It reaches all walks of life, is
pleasant work, provides a good liveli­
hood, and offers the opportunity to
work with fine people. I feel it is
the finest profession in the world.”
N. T. Tiemann, cashier, Commercial
State Bank, Wausa, Nebraska: “Chal­

lenging work, prestige, compensation
(tangible and intangible) and respon­
sibility.”
H. W. Lynch, president, Arlington
State Bank, Arlington, Minnesota: “ It’s

amazing the great number of people
an average banker will put on their
feet during his career, not only by
financial assistance, but by aiding
them in analyzing their troubles and
advising them of the necessity of fol­
lowing a planned course.”

Joe Menges, president, Alta Vista
State Bank, Alta Vista, Iowa: “ It’s a

good, reputable business and you can
be a big help, starting many young
men in business and on the road to
financial independence.”
Oscar C. Burke, president, Exchange
Bank of Lennox, Lennox, South Da­
kota: “As a banker or bank employee,

a person learns to make good and fast
decisions, which also help in his pri­
vate business dealings. He also learns
more about all lines of business.”
B. O. Wangsness, president, First
National Bank, Garretson, South Da­
kota: “Banking offers broad expe­

rience in many lines of business and
the opportunities for constructive as­
sistance to worthy individuals and en­
terprises.”
Lester E. Souba, cashier, First Na­
tional Bank, AVisner, Nebraska: “ I like

working with people from all walks
of life. There’s a great feeling of
satisfaction, which is available in no
other occupation except the clergy.”
R. K. McGee, executive vice presi­
dent, Clarke County State Bank, Osce­
ola, Iowa: “ In banking you can work

as hard as you wish; the harder you
work the further you go.”
Charles E. Moyer, president, Bank
of A\Tood River, Wood River, Nebras­
ka: “I get real enjoyment out of see­

ing the
borrow
farming
ing the
and the

members of our community
funds and invest them in
or livestock ventures; observ­
progress of their operations
final repayment of the loan.”

G. E. Allbee, president,Peoples Bank
and Trust Company, Waterloo, Iowa:

“ One can assume an important role in
the commercial, industrial and the
economic life of his community.”
G. AAb Toft, cashier, Commercial
Trust and Savings Bank, Mitchell,
South Dakota: “ Banking offers stabil­

ity and security of employment, and
an opportunity for advancement, ei­
ther in banking or in other busi­
nesses. The present supply of officer
material is less than the demand.”
Adon Jeffrey, Adce president, First
National Bank, AA^ayne, Nebraska: “I

“THE VERY NATURE of the banking business gives a man more intense attention to
a person’s individual needs and requirements in the way o f saving and ability to help
deserving people,” says Frank C Crone, president, The National Bank of Washington,
Washington, Iowa.
N o r t h w e s t e r n B a n ke r, N o v e m b e r, 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

find the variety of people and problems
encountered as a loan officer most
interesting. It is a business that by
necessity keeps you up to date. Then,
too, it is a calling respected by most
people. It stimulates me and chal­
lenges my abilities, giving me a more
than adequate living. What more
does anyone’s work offer?”—$$

21

A e ir s a n d V iew s
OF THE BANKING WORLD
By BEN J. HALLER, JR., E d i t o r

URING the past few weeks the
staff of the N o r t h w e s t e r n
B a n k e r has traveled about 10,000 miles visiting major cities while
contacting banks and other business
firms of all sizes.
With very few
exceptions, exec­
utives of these
v ar i e d institu­
tions expressed
optimism for a
continuing good
level of b u si­
n e s s — not a
b o o m , but a
steadily improv­
w. M cD o n n e l l
ing business pic­
ture and standard of individual living.
The present all-time high is not the
result of hodge-podge guesswork, but
rather the result of foresighted think­
ing and planning by capable leaders in
all fields.
Representative of the group is
William A. McDonnell, president of
the First National Bank in St. Louis.
His bank is located in the older part
of the downtown business section in
St. Louis. It became necessary sev­
eral years ago to decide whether to
build a new structure or remodel and
enlarge present quarters. After care­
fully surveying the neighboring busi­
ness blocks, the need for banking fa­
cilities, and the effect such a move
would have on downtown St. Louis,
Mr. McDonnell and his associates an­
nounced they were staying.

D

cal Corn Exchange Bank, New York,
it was announced by the board of
directors.
A resident of Rutherford, New Jer­
sey, and a graduate of American In­
stitute of Banking, Miss Taylor has
been active in women’s business and
professional organizations. She was
formerly in the bank’s personal trust
department but for the past several
years has been associated with the
president as secretarial and adminis­
trative assistant.
* * *
The Republic National Bank of Dal­
las had a booth at the recent State
Fair of Texas which drew more than
104,000 visitors from the total fair at­
tendance of 2,611,271 persons. A key­
note attraction in the booth was a bar
of gold weighing just under 16 pounds
and valued at $8,890.11, the equivalent
in weight of 293 silver dollars.
A set of scales also weighed each
visitor, who was given a slip of paper
showing how to figure your weight in
gold. Each 10 pounds is worth $5,600
in gold. How much are you worth in
gold?
* * *
Harry B. Coffee, president, Union
Stock Yards Company, Omaha, in an
interview with the N o r t h w e st e r n

B a n k e r said, “Prospects are very fa­
vorable that when the curtain is rung
down on 1955, you will find Omaha
is the nation’s largest livestock mar­
ket and meat packing center.”

* H
5 H
5
The Burroughs Corporation has a
small booklet containing 40 fascinat­
ing figure puzzles which its represent­
atives give away at bankers’ conven­
tions. Jim Rowen, Des Moines branch
manager, gave one to us recently and
here’s a problem we found intriguing:
“A man goes into a store and says
to the proprietor, ‘Give me as much
money as I have with me and I will
spend $10 with you.’ It is done, and
the man repeats the operation in a
second and a third store, after which
he has no money left. How much did
he start with?”
Answer appears on page 52.
* * =t=
Clifton Blackmon, vice president
and director of advertising and public
relations for the First National Bank
in Dallas, has been elected president
of the Texas Public Relations Associa­
tion for the coming year. Directors
elected include John L. Andrew, First
National Bank in Houston, and Sam
Cantey III, vice president of the First
National Bank of Fort Worth.—$$

Si. J osep h H ank G oes W e s te r n

Resulting from this is a wave of re­
modeling by other buildings and retail
stores in the vicinity, one completely
new building and a renewed confidenced in trade in that important sec­
tion of the city.

In city after city we have visited,
reports were that “business is good,”
with principal concern being ex­
pressed for lagging farm income.
* *

*

Members of the Tulsa Chamber of
Commerce have re-elected Russell F.
Hunt, First National Bank and Trust
Company, vice president and promi­
nent civic leader, to a three-year term
on the organization’s board of direc­
tors. Long active in city affairs, he
presently is serving the Chamber as
chairman of its aviation committee.
* *

*

Miss Meta F. Taylor has been ap­
pointed assistant secretary of Chemi­

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

IN WESTERN ATTIRE is the staff of the First National Bank, St. Joseph, Missouri,
in connection with the recent Pony Express Rodeo. John Killackey, farm representative
for the bank, promoted the stunt, for which a trophy cnp was won. About 130 corre­
spondent bankers and their wives were invited to a Rodeo party as guests of the bank
They came from 100 miles away, and a lot o f them had never seen a rodeo.
N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1955

22

A T h r e e -folti T r offrant
O f A d v e r tis in g a n d P u b lic R e la tio n s
fot•

Correspondent
Ranks

URING the coming weeks, The
The program can best be described
Merchants National Bank will by outlining its three phases:
be offering a new service to its
Advertising Kit
correspondents. This three-fold pro­
gram, which will provide a compre­
Two series of twenty-six 24-inch
hensive advertising and public rela­ newspaper ads have been prepared for
tions campaign for the coming year, this program. In the event there are
is designed to meet a combination of two interested banks in a community,
statewide banking needs.
we have changed the shape as well as
Bankers have long been concerned the copy in these two series, in order
with the limitations in the public’s to provide individual ads for each.
understanding of the banking profes­
The total of 52 ads have two com­
sion. This lack of understanding pre­ mon denominators. The first is a
sents not only a handicap in a bid for shield which will appear in all ads
increased business, but also weakens carrying the copy, “ Strong Friend for
the bank’s competitive situation in the Your Family”; and secondly, the draw­
solicitation of management caliber em­ ings for all of the ads approach the
ployees.
sales message from a family point of
Non-banking lending and savings in­ view.
stitutions are capturing an increasing
One of the results of this campaign
percentage of the savings dollars. This could be the effect of a state-wide pro­
is occurring in part because of the motion for banking. By correlating
public’s mistaken belief that these in­ all of the ads in this manner, we can
stitutions are as liquid as commercial promote our bank system to Iowans,
banks. Just as the national banking as well as stimulate the increased use
associations are launching public rela­ of bank services. With savings and
tions programs to improve the public’s loan associations and credit unions
understanding, local banks should capturing an increasing share of the
now consider increasing public rela­ available savings fund, we believe a
tions and advertising efforts.
united advertising program is timely
It is our hope that, by sharing this and important.
material which may not be readily
Full mats of the 26 ads for alternateavailable in some communities, we week use will be offered to our corre­
will provide, through our correspond­ spondent banks. Included also in this
ent department, a quality campaign fully integrated advertising program
custom-designed for Iowa.
will be a series of statement enclo­

D

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Written Especially for
The Northwestern Banker
By JOHN T. HAMILTON II
President
The Merchants National Bank
Cedar Rapids, Iowa

sures and lobby display cards which
will repeat the advertising theme and
provide correlation for the local
bank’s advertising program. Radio
commercials will also be available to
interested banks.
Community Development Kit

Perhaps no problem is more chal­
lenging to most Iowa communities
than industrial growth and develop­
ment. Facilities must be available for
comfortable living in order to assure
continued prosperity in any commu­
nity. Job opportunities are essential
in order to keep young Iowans in the
state. Most leaders recognize the need
for community development activities,
but organizing such a program is fre­
quently difficult because effective pro­
cedure may be intangible.
We have requested our public rela­
tions staff to prepare the materials
for a workable community develop­
ment program which we will offer to
the local banker as a service available
through him to his community. The
Community Development Kit is de­
signed to simplify this complex prob­
lem and provide the essential promo­
tion tools. The “How-to-Do-It” manual
is based on successful programs in
other parts of the country.
Like all independent business men,
local bankers have a personal stake
in sound community growth. Equally

23
important is the public relations value
of offering a workable program to
their community. Iowa bankers can
assume a position of increased leader­
ship in seeking a solution to one of
the most pressing community needs.
A promotion booklet has been pre­
pared for use by individual communi­
ties in the solicitation of new indus­
tries. The advantages of an Iowa
location are highlighted, emphasizing
such important features as accessibil­
ity to raw materials, strategic location
to key markets, adequate labor supply,
and the quality labor market. A sec­
tion is devoted to the opportunity
Iowa affords for gracious, relaxed liv­
ing. The two center facing pages are
designed for a word and picture story
of individual towns. Communities
without the funds to prepare original
community promotion booklets, color­
ful and complete enough to be effec­
tive in today’s highly competitive bid
for new industry, can utilize this bro­
chure.

Newspaper advertisements are fur"
------ 1
nished in two series, 3 columns by 8 inches and 2 columns by 12 inches. Com­
plete mats will be furnished ready for the signature cut of the local bank.

Trust Kit

All correspondent banks can pro­
vide their customers with complete
trust service, including estate plan­
ning, money management, and execu­
torships, without the burden of a large
staff. The Merchants National Trust
Department will function as members
of correspondent bank staffs. It is our
policy to safeguard completely the
correspondent bank-customer relation­
ship. Because an increasing number
of correspondent banks find it bene­
ficial to utilize the specialized knowl­
edge of our trust department person­
nel, we have prepared a folder outlin­
ing the flexibility of this service. Lit­
erature for acquainting this customer
with the advantages of a corporate
fiduciary are available to correspond­
ent banks.
Naturally, it is impossible to deter­
mine in advance the degree of need
for this advertising and public rela­
tions program. We are offering it to
our banker friends throughout the
state, not only because we want to
serve their best interest, but also be­
cause we are convinced that acceler­
ated activities in these areas are indi­
cated if the independent banking sys­
tem is to continue a position of lead­
ership in promoting a free and healthy
economy.—$$

The Merchants National Bank is under­
writing the planning and preparational
cost of this entire campaign. Newspaper
mats will be furnished to correspondent
banks free. Sample and reasonable quan­
tities of literature and other printed mate­
rial will be furnished without charge. I f
sizable quantities o f printed material are
desired for local use, they will be supplied
at actual cost.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Community Development Kit includes samples of promotional literature which
can be localized and used by each community in telling its industrial story.

Literature describing the trust services available through local banks is in­
cluded in the Trust Kit.

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955

24
“ . . . AFTER
DUE TIME, you
w ill begin to
notice new names
appearing on your
checking ledgers;
some of the old
accounts will be­
gin to show
larger balances;
you’ll find you’re
lending a little
more money, col­
lecting a little
more interest; and
maybe a few of
your older, slower
loans are begin­
ning to show
a little improve­
ment.” — John
Hardimon, State
Bank of Bement,
Bement, Illinois.

A dtliufi a F a r m R e p r e s e n ta tiv e M e a n s . . .

R e tte r

F or Your Ranh
Seven Experienced Bank Farm Men
Express Opinions on Farm Service Departments
HE recent Bank Farm Represent­
ative Seminar held in Kansas
City, Missouri, by the Spencer
Chemical Company of that city, was
conducted with M. H. Straight of Spen­
cer Chemical as chairman or “moder­
ator,” and a thorough discussion of
t h e selection, education, training,
value, etc., of a bank farm representa­
tive has resulted in a decided increase
of interest in the subject which is
becoming more important throughout
this section of the country.

T

Seven farm representatives partici­
pating in the seminar were: Ryan
Mason, First City Bank and Trust
Company, Hopkinsville, Kentucky;
Warren Langfitt, Centerville National
Bank, Centerville, Iowa; John P. Per­
rier, First National Bank, Dodge City,
Kansas; Tony Westra, now with the
California Bank, Los Angeles, but who
was, at the time of the seminar, with
the Northwest Security National
Bank, Sioux Falls, South Dakota; R.
M. “Dick” Bird, Goodhue County
National Bank, Red Wing, Minnesota;
John Hardimon, State Bank of Be­
ment, Bement, Illinois, and Carl Cramton, Security Bank, Ponca City, Okla­
homa.
“How Can a Bank FR Help Increase
o rFRASER
t h w e s t e r n B a n ke r, N o v e m b e r , 1955
Digitized Nfor

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Federal Reserve Bank of St. Louis

the Profits of His Bank?” was the
first problem tackled by the experts,
and here is the way the discussion
developed:
Mr. Langfitt: “We decided to do
some professional farm management
work. We took it slowly, one or two
farms a year, until we now have 14
farms in our area under professional
farm management. This means we
normally get 10 per cent of the land­
lord’s gross income from that farm;
that goes a long way toward paying
the extra expense of a specialized
farm department.”
Mr. Hardimon: “ If, through the ef­
forts of our FR, we can help our farm

“ . . . THE THING the farm service de­
partment o f a bank has to keep in mind
is that it has to be working constantly
with these farm customers in an effort to
keep their loans in better shape.” — John
P. Perrier, First National Bank, Dodge
City, Kansas.

customers do a better job of produc­
ing and managing on their farms,
they will become more prosperous.
And the more prosperous the people
upon whom we depend for our busi­
ness, the more prosperous our bank
is bound to be. We can begin to see
some tangible results in this program
now after two years of operation.
It is our thought that an FR pro­
gram is a long-range program and too
many tangible results must not be
expected at once. A certain amount
of patience is required for it to take
hold and show results. But after
due time, you will begin to notice
new names appearing on your check­
ing ledgers; some of the old accounts
will begin to show little larger bal­
ances; you’ll find you’re loaning a lit­
tle more money, collecting a little
more interest; and maybe a few of
your older, slower loans are beginning
to show a little improvement.”
A LARGE
PART of this
income will be
spent right in our
town. And that
in turn helps our
business people,
which in turn in­
creases our profits
in the bank.” —
R. M. Bird, Goodhue County Na­
tional Bank, Red
Wing, Minnesota.
“

Mr. Bird: “When the FR is a lend­
ing officer in the bank, I think he is
able to make—because of the back­
ground he has on the farmer, the
farm and its operation — loans that,
without t h i s knowledge, possibly
would not be safe loans. If, through
this type of financing we can increase
the gross income of all our farms, a
large part of this income will be spent
right in our town. And that in turn
helps our business people, which in
turn increases our profits in the
bank.”
Mr. Perrier: “ I think we have to
keep in mind there are fewer farmers
all the time, farms are becoming
larger, and farming is becoming “big
business.” Because it’s becoming big
business it requires a lot of capital
to operate. So I think the thing the
farm service department of a bank
has to keep in mind is that it has to
be working constantly with these
farm customers in an effort to keep
their loans in better shape.
“ Now I feel that after an FR has
enough experience, he should be given
permission and authorization to make
loan commitments right out on the
farm. I know that’s what we do in
our operation, and it works out very
well.”

25
Mr. Westra: “A bank has to have
confidence in the man it hires. In
other words, he’s got to have the
okay from his bank to go ahead after
they have tested him and proved his
ability to make loans. Here’s one ex­
ample, and there have been many
more like it: I was talking with a
farmer in the field and he wanted to
get the job done right now. He
wanted to put his wheat in, and
wasn’t going to wait for the bank for
two or three days. It’s important that
the FR make the commitment if he
has the ability to go ahead and act.”

V e r y A b le L e c tu re rs Vend net
in tern a tio n a l llnnhiny School
More Than 2 0 0 Persons from 4 7 Different Countries
Attended School at Christ Church, Oxford , England

W ritten E specially fo r
The N orth w estern B an k er

By C. R. GOSSETT
President
Security National Bank
Sioux City, Iowa

Daily Duties

Here is a round-up of just what
activities these seven “Bank FR’s”
handle in their daily work, without
particular reference to the question
being discussed:
Mr. Mason: “ I spend at least two
days, usually Tuesdays and Thurs­
days, in the field visiting farmers.
The farmers know I won’t be in the
bank those two days and don’t ex­
pect me to be there. Besides these
two days, I attend all extension de­
partment meetings concerning agri­
culture I can possibly get to, such as
field days on pastures or livestock, or
any meeting of that kind. I visit
FFA classes two or three times a year
and discuss some particular subject
with them at their school. And I also
attend meetings of 4-H Club groups
and manage one farm for the bank—
a 250-acre farm — and occasionally
clerk or settle a farm sale.”
Mr. Perrier: “Primarily, my work
in the bank is loan work, farm inspec­
tion work and that sort of thing. For
example, these two or three days I
am up here, if a customer comes in
and makes new application for a loan
—say, a new customer—and there is
any question as to whether the loan
should be made, before they make the
loan in the bank they want me to go
out and make inspection of the farm.”
Mostly All Farm Doans
Mr. Bird: “I have a few things I

do that some of the others haven’t
mentioned. I’m board member of a
consolidated school district, a large
consolidated school district. I’m also
secretary of a watershed organization
that has just been formed to take care
of one of our larger watersheds out
there. I go to the usual FFA meet­
ings, 4-H meetings, things of that
type, and some of the meetings of
fertilizer and seed dealers.”
Mr. Langfitt: “ Our hours are from
9 to 2, and usually at 2 p. m. I head
for the country, six days a week, un­
less the weather isn’t suitable, except
for the seasons when the farmers are
usually busy. We are very close to
youth groups. We have some good

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

C. R. G O S S E T T

HE International Banking School
T
was held this year at Christ
Church, Oxford, England, at a college
which has had a favorable reputation
for many years, and the first build­
ings, erected in 1525, are still in use.
There are complete facilities for the
housing of students, an unusual din­
ing hall and kitchen, and a beautiful
cathedra] and gardens.
Maurice Megrah of London is the
secretary of the Institute of Bankers,
who, with his associates, handled this
summer school in a most efficient man­
ner, and the lecturers were men who
were very able to discuss the subjects
assigned to them. In the afternoon,
the discussions were under the direc-

proj ects

going

4-H groups.
has c ar r i ed
some fine articles that have given us
a lot of publicity along that line.”
N o r t h w e st e r n

with

B anker

Handles Ag Loans

tion of top bankers out of the banks
of London.
There were more than 200 men en­
rolled, coming from 47 different na­
tions. This included three men from
Russia. The Russian men were given
more than the usual amount of atten­
tion, for we were all glad to see them
come out and participate in a school
of this type with the rest of the peo­
ple of the world.
I think the extra publicity and at­
tention given them was for the reason
of making them feel welcome and not
with the thought they are better bank­
ers or have a superior banking sys­
tem. I hope the treatment they re­
ceived will not be misconstrued by
them as they are likely to be disap­
pointed at future meetings if they ex­
pect to receive any unusual recogni­
tion over and above that of other
bankers.
In U. S. Next Year

The 1956 International Banking
School has been planned for Rutgers,
with the assistance of William Powers,
deputy manager of the American
Bankers Association, and Dr. Joseph
E. Hughes of the board of regents of
the Graduate School of Banking.
The Institute of Bankers under the
guidance of Maurice Megrah has been
doing a very constructive job in con­
ducting these summer schools in the
past, and he is recognized as the guid­
ing hand back of this constructive In­
ternational Banking School.—$$

chattel accounts I am responsible for.
New loans always come to my desk.
I also handle quite a bit of the city
real estate, but I’m not responsible
for it. Then in the other officers’ ab­
sence, I pick up and act in their stead

Mr. Cramton: “ Primarily, at the mo­

ment, I am handling all agricultural
loans. There are also real estate and

BETTER BUSINESS . . .

(Turn to page 36, please)
N o r t h w e s t e r n B a n ke r, N o v e m b e r , Ì9 5 S

2(i

H ankers
You
li

•lohn f . W r ig h t
President and Board Chairman
LaSalle National Bank
Chicago, Illinois
“An immaculate dresser with an impeccable
taste in the selection of apparel.’’

HE most serious problem in
banking today,” says John C.
Wright, president of the La­
Salle National Bank, Chicago, “ is the
lack of good executive caliber man­
power. Senior management should
devote much time and consideration
to the development of a second line
of defense, capable of assuming direc­
tion when the time arises.”
The development of future bank
management is universally conceded
to be the major problem in the bank­
ing industry today. But here, we
would rather look back and trace the
development of today’s president of
the LaSalle National, Mr. Wright.
Mr. Wright was born and reared
on a 320-acre farm near Toronto,
Canada. As one of four children, he
learned a great deal concerning selfreliance and the rewards of hard
work, through helping his parents
with the farm chores.
His early education was obtained
in a one-room rural school bouse a
mile and one-half from his farm
home. He walked to school each day
in all types of weather. His first dol­
lar was earned as a caddy on a golf
course near Toronto and his interest
in golfing has remained strong to the
present day.

T

DigitizedNorthwestern
for FRASER B a n ke r, N o v e m b e r , 1955
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Mr. Wright daily presents himself
as an impressive dresser. As one of
bis bank officers stated, “ Those of us
who see Mr. Wright each day have
always been impressed by his im­
maculate dress and impeccable taste
in the selection of apparel.” There’s
no doubt that his unerring eye for
clothes stems from his first real job
in a men’s furnishing store in Port
Hope, Ontario, as first an errand
boy and then as a sales clerk.
Upon graduation, Mr. Wright be­
came associated with the Traders
Bank of Canada, which now is part
of the Royal Bank of Canada, Mon­
treal. From his first position as a
messenger, he served in several de­
partments of the Port Hope branch
of the bank and soon became the
accountant. Thereafter, he served as
an a c c o u n t a n t in several other
branches of the bank throughout the
Dominion.
After leaving the Traders Bank,
Mr. Wright was associated for a time
with investment banking firms in
Canada and the United States, return­
ing to the field of commercial banking
in 1931.
He served for a period as vice
president and cashier of the American
National Bank & Trust Company,

Chicago, prior to joining the LaSalle
National in 1946 as executive vice
president.
In 1947 he succeeded C. Ray Phil­
lips as bank president, and following
the death of Laurance H. Armour,
Sr., in 1952, Mr. Wright was elected
to the additional duties of chairman
of the board the following year.
Mr. Wright was married in 1913 to
Antoinette M. Morton, and they have
two children Mrs. Carl Zipprich, Jr.,
and John M. Wright.
In banking circles, Mr. Wright is an
active member of the American Bank­
ers Association, the Illinois Bankers
Association and the Reserve City
Bankers. His church and club mem­
berships include being a trustee and
member of the First Congregational
Church of Evanston, Illinois; a for­
mer past president of the Chicago
Athletic Club; The Chicago Club; the
Northwestern University Associates;
the Bankers Club and the Westmore­
land Country Club.
Mr. Wright has always shown an
extreme interest in the entire staff of
his bank and encourages participation
in A.I.B. classes and attendance at
BANKERS . . .

(Turn to page 32, please)


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ERMA is a m achine . . . conceived and developed by bankers
for the service of banking.
With ERMA in operation, a bank will for the first tim e
utilize the w izardry of modern electronics to perform large
scale bank bookkeeping.

ERMA will perform with lightning speed and com plete
a ccu racy the com plex chores of crediting deposits, debit­
ing w ithd raw als, recording new balances (at the sam e tim e
checking for hold or stop-paym ent orders) and do the en­
tire job in one tenth of a second ! ERMA w ill also rem em ber
the details of all tran sactio n s and, at the end of the m onth,
turn out a com plete printed statem en t of every account.

ERMA was developed by Bank of Am erica after more
than five years from an idea firs t suggested by one of the
B an k 's e xe cu tiv e s.T h e first ERMA will serve B a n k o f Am erica
branches in San Jo se , C alifo rn ia. It w ill be followed by others.

IBank of A m ertra
NATIO N AL

/
/

r

ASSOCIATION

L ik e
te c h n ic a l

fa c ts?

\
\

N(

ERM A c o n ta in s 3 4 ,1 1 7
diodes, 7,8 7 9 vacuum tubes and
1.000,000 feet of w ire. It generates
enough heat every hour to w arm 3
eight-room hom es and is cooled
by its own a ir c o n d itio n in g
l
system capable o f m anu
J
\
fa c tu rin g 25 tons o f
/
ice per day.
S

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1955

28

IHiiiiitj Wi t h Ihe I

S. T rea su rer

“ Enjoyed Your Editorial”
“ I have thoroughly enjoyed your editorial
in the N orthw estern B an ker addressed to
Senator Humphrey of Minnesota. I f we
only had more publishers who could express
themselves as well, and lay the issues strict­
ly on the line, the Republicans would have
no trouble in winning next year’s election
with, or without, President Eisenhower.
This is indeed an excellent statement of
facts.”
G. K . Baumgartner, Presi­
dent, Lincoln Mutual Life
Insurance Company, Lincoln,
Nebraska.

“ Have Carried the Ball”

DURING THE AMERICAN BANKERS CONVENTION in Chicago, Harold W. Lewis,
vice president o f the First National Bank, Chicago, invited a group of his friends to
have luncheon with him in the bank’s “ main dining room,” and included in the picture
reading clockwise from left foreground, are: Mrs. Paul Jones, whose husband is presi­
dent of the Old Phoenix National Bank, Medina, Ohio; Mr. Lewis; Mrs. Louis B. Lundborg; Mr. Lundborg, vice president, Bank of America, San Francisco; Mrs. Ivy Baker
Preist, Treasurer of the United States; and Clifford DePuy, publisher, N orth 'western
B an k er , Des Moines.

DEAR EDITOR . . .
(Continued from page 8)
“ Certainly Cooperative”
“ I just want you to know how much we
have appreciated the fine publicity that you
have given our Des Moines Chapter of
A. I. B. in the N orthw estern B a n k e r .

“ You have certainly been most coopera­
tive and we hope that you will let us know
if we may be of service to any of you at
any time. Best regards.”
David G. Wright, President,
Des Moines Chapter, Ameri­
can Institute o f Banking,
Des Moines, Iowa.

“ You may recall that when we visited at
the recent A.B.A. Convention in Chicago
a part of our conversation had to do with
the power the labor unions were exerting
in various directions.
“ I mentioned the trouble at the Kohler
plant in Sheboygan, Wisconsin, and I be­
lieve that I told you that I would try to
get one of the monthly magazines published
by and for the Kohler Company. I have
been successful in getting a copy for you
and enclose the same herewith, together
with some other pieces of literature pub­
lished by the Committee for Constitutional
Government bearing on the subject of
Union leader domination.
“ I have been familiar with the activities
of the Committee since its inception at the
time of the effort by Franklin D. Roosevelt
to ‘pack’ the Supreme Court, and I feel
that they have carried the ball most effec­
tively in the preservation of our Republic
and Constitutional Government. The Com­
mittee is worthy of support in my opinion.”
J. M. Lloyd, Vice President,
The American State Bank,
Yankton, South Dakota.

Member Federal Deposit Insurance Corporation

Industrial
Agricultural
and Livestock Financing
fo r 87 years

BANKING
HEADQUARTERS
AT THE CHICAGO
UNION STOCK YARDS
----------------------- f f l ,e ------------------------

DAVID H. REIMERS
Chairman of the Board & President

Harold P. Johnston
Alden S. Bagnall • Ivan E. Bennett
Paul T. Betz • Joseph E. Lisek

LIVE STOCK
•Ad/fona/ B A N K

o f 7 c(d / tr a tto

ESTABLISHED

1868

V ic e-P re sid en ts

Gordon P. Fairman • Frank J. Itzel
A ssista n t V ic e-P re sid en ts

o r tFRASER
h w e s t e r n Ba n ker, N o v e m b e r , J955
DigitizedNfor
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

U.S. Governm ent Bond Service • Savings & Personal Loans
Real Estate Mortgage & Trust Departments

29

n

I

p

he

...foreign
transactions
. . . “routine” can seldom describe
your customers’ foreign transac­
tions. Our Foreign Department’s
experience in financing foreign
trade, in handling commercial let­
ters of credit, collections and an­
swering credit inquiries regarding
foreign firms and individuals may
be of distinct usefulness to you.

Ib R K
N ew

York's F ir s t Bank

*

Founded 1784.

Main Office: 48 WALL STREET


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

M em ber fed era l Deposit Insurance Corporation

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1955

30

H u n k itu ilU in if

"O /iî'h H m i s i »*'

(Continued from page 17)
Word descriptions are inadequate to
portray the modern beauty of design,
but simplicity of convenience and op­
eration within the banking room. The
success of this bank is based on its
ability to give customers parking
space or drive-up service. Periodic
checks showed that 165,000 cars pass
the bank location daily and 85 per cent
of customers come to the bank by car.
The new auto service was installed
and records show that the bank has

picked up 125 to 150 new accounts per
week ever since. The entire project
cost $750,000.
Every banking service is provided
at the outside windows that can be
done at lobby windows except loans
and safe deposit service.
The American Investment building
represents the extreme in modern ar­
chitecture, and is referred to by some
as the “upside down” building. Actu­
ally it features inverted truss supports

Kansas City
THE CITY
WITH A FUTURE! - J «I

/ti

on either end to open corners and per­
mits complete freedom of design. The
exterior is 60 per cent glass.
After personally conducted tours
through several of the new projects,
the editors went to Bank Building’s
home office where they went through
the c o mp l e t e departmental set-up
which every job follows when it is
handled by BBEC.
Extensive Experience

A strong factor in the firm’s leader­
ship in its field is the extensive expe­
rience of its management at all levels.
President Gander, who had to quit
school after sixth grade to get a job.
teamed up with his brother-in-law in
1912 when they bought the old St.
Louis Bank Fixture Company for
$7,600 at a sheriff’s sale. They re­
named it St. Louis Bank Equipment
Company, and without benefit of les­
sons in art or architecture, Mr. Gander
and Mr. Orabka found themselves in
the unfamiliar and unusual business
of building and furnishing banks.
From this start 43 years ago they
have built an organization of 400 bank
design specialists which is now work­
ing on more than 350 projects for
financial institutions. The company’s
sales this year should push the $20
million mark, indicating the amazing
growth and leadership of BBEC in the
field. In 1939 the name was changed
to its present name of Bank Building
and Equipment Corporation. The firm
has one domestic subsidiary, Design,
Inc., which specializes in hotel re­
modeling and redecorating, and three
foreign subsidiaries to handle con­
struction in Mexico, Central America,
South America and Cuba.
Work Flow Pattern

FOR L A T E S T
INVESTMENT INFORMATION
City National’s Bond Department is always at your
service, with late information on municipal and govern­
ment bonds, latest market quotations. Several direct wire
systems help us maintain an active market all over the
United States.

CITY NATIONAL

Bank & Trust Company

M EM BER

BANK BUILDING . . .

F ED ER A L D E P O S IT

in s u r a n c e

c o r p o r a t io n

Evidence of the thorough executive
planning that has gone into the firm’s
operations was seen by the smooth
work flow pattern established in the
present plant, which was a St. Louis
brewery years ago. With his own
business also grown beyond present
physical capacity, Mr. Gander an­
nounced to the editors that BBEC has
just completed purchase of land in an­
other section of the city and will erect
a new building. It will undoubtedly
be the most modern of any the firm
has designed — perhaps futuristic to
some onlookers — but probably will
turn out to be a pace-setter for new
industrial construction.
Bank Building has its own marble
quarry, cabinet shop, elaborate carpet­
ing and drapery sample rooms, and all
headed by a staff that recognizes 20
years of work for the firm as common-

]

Oth a n d G r a n d

o r tFRASER
h w e s t e r n B a n ke r, N o v e m b e r, 1955
DigitizedNfor
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

*

K a n s a s C i t y 41, Mo .

(Turn to page 45, please)

:'

While you were drinking
your second cup of coffee
last evening...

Continental Illinois’ night staff processed
7500 cash items
How long did you linger over your
second cup last evening?
Let’s say 15 minutes.
In that brief time, the Continental Illi­
nois processed about 7500 cash items.
Such speed has a real point.
It means earliest possible presentation.

It explains why many a check mailed to us in
the afternoon by banks from coast to coast be­
comes available funds the following morning.
We think that’s service. We think it’s
service that explains why our several thousand
correspondents agree so heartily that the Con­
tinental Illinois is the “ banker’s bank.”

CONTINENTAL ILLINOIS NATIONAL BANK

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

and Trust Company of Chicago
LOCK

BOX

H

C H IC A G O

90

Member Federal Deposit Insurance Corporation

Northwestern B a n ke r, N o v e m b e r , J955

32

A .i f .A . C redit i 0roi/ra m P la n n ed

L

EADERS in the nation’s agricul­
ture from government, education,
finance and business will head the
program of speakers at the Fourth
National Agricultural Credit Confer­
ence of the American Bankers Asso­
ciation in Chicago, December 1, 2 and
3. The program for the Conference,
which will be held in the Morrison
Hotel, has been announced by Jesse
W. Tapp, chairman of the A.B.A.’s
Agricultural Commission, and chair­
man of the board, Bank of America’s
N.T. & S.A., Los Angeles, California.
The conference will be attended by
bankers from farm areas throughout
the nation. During the three days
they will have an opportunity to hear
discussions of the current problems
and prospects for agriculture and,
against this background, to exchange
ideas among themselves on farm lend­
ing policies, service to farm custom­
ers and the like.
Since the purpose of the conference
is to aid bankers in formulating their
agricultural lending policies in the
light of the economic and business
outlook in agriculture, many of the
speakers are nonbankers directly con-

nected with the farm yield and repre­
senting different points of view on
farm problems.
Included will be Charles N. Shepardson, member of the board of gov­
ernors of the Federal Reserve System;
True D. Morse, Under Secretary of
Agriculture; Dr. Kenneth Hood, assist­
ant secretary of the American Farm
Bureau Federation; Dr. Albert E.
Burke, director of graduate studies,
Yale University Conservation Pro­
gram; Dr. O. B. Jesness, head, depart­
ment of agricultural economics, Uni­
versity of Minnesota; O. V. Wells, ad­
ministrator, agricultural marketing
service of the U. S. Department of
Agriculture; Tillman Bubenzer, presi­
dent, American Society of Farm Man­
agers and Rural Appraisers; Rex
Beresford, professor of livestock mar­
keting, Iowa State College of Agricul­
ture; Rex R. Bailey, president, Doane
Agricultural Service; C. B. Bender, di­
rector of research in grassland farm­
ing, Sperry Rand Corporation, and
Charles J. Hearst of Cedar Falls, Iowa,
who is one of the group of farmers
just returned from a tour of the So­
viet Union.—$$

Chemical Corn Promotions
Vice Presidents Clinton C. Johnson,
Howard W. McCall and William S.
Renchard have been promoted to ex­
ecutive vice presidents by the direc­
tors of Chemical Corn Exchange Bank,
New York. Mr. Johnson heads the in­
ternational division, and Mr. McCall
and Mr. Renchard direct the business
of the national division. In addition,
Mr. McCall supervises the oil and gas
department and Mr. Renchard the
Wall Street division.

BANKERS . . .
(Continued from page 26)
the nation’s leading banking schools.
He spends much of his time advis­
ing and counseling the young men
in the organization, and emphasizes
the need for one or two hours’ study
of the banking business each day
after banking hours.
Special emphasis is placed on addi­
tional training and study by Mr.
Wright, for it is his belief that only
through study of the business will
these young men and women succeed
in overcoming today’s major prob­
lem— filling the management posi­
tions of today when they are vacated
tomorrow.-—$$

~l

R e lia b le

. assure your Chicago accounts of service that is prompt,
efficient, and complete. Let our facilities,

R e p u ta b le

reputation and knowledge of Chicagoland
commercial requirements work for you.

R e sp o n sib le

facilities fo r correspondents

C

ity

Na

t io

>a l B

ank

AND TRUST C O M PAN Y o f C h ic a g o
2 0 8

S O U T

H

LA

S A L L E

S T R E E T

(M e m b e r F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a t i o n )

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

33

You’re looking at the new way to speed window service, eliminate errors,
save hours of teller time. Here’s why: a single Burroughs Teller’s Machine
provides all the features necessary to do these transactions mechanically—
© Receipting

• Validating

Wherever There's
Banking There's

• Cash Control
• Miscellaneous Adding or Deposit Accumulation
But you'll want to hear all the news—actually see these new complete-job
teller’s machines in action. So call our nearest branch office right away for
an on-the-spot demonstration of any of 5 moderately priced models. Or
write directly to Burroughs Corporation, Detroit 32, Michigan.
L

....


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

.....

....

..... ..........

■

.................
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955

ISitffft’sí
/ta n k in g f f

M e r g e r iSan
isi ari/
in

ILLIAM W. CROCKER, chair­ consolidation can he submitted for ap­
man of Crocker First National proval to the respective boards of di­
Bank, and Paul E. Hoover, president
rectors and then to the stockholders
of Anglo California National Bank, of the two banks. The decision to con­
have announced that the directors of solidate is the result of exploratory
their respective institutions have met discussions which have taken place at
informally and have approved in prin­ management level extending over a
ciple the merger of the two institu­ period of the past two months. It is
tions. In accordance with the plan, hoped that necessary approvals, in­
the merged hank will be headed bjr cluding that of the Comptroller of the
Mr. Crocker as chairman of the board Currency, can be secured, so that the
and Mr. Hoover as president and chief consolidation can become effective
executive officer.
early in 1956.
Only certain details remain to be
The merger would bring togetheragreed upon before a formal plan of two old established California banks

W

ABANK FOR BANKS

with deposits as of October 5, 1955,
of $1,309,098,720; resources of $1,441,769,209; capital funds totaling $96,716,500. The merged bank would be
one of the largest in the country.
In this merger two great names
would be consolidated—Crocker and
Anglo—two names that have contrib­
uted tremendously to the building of
the West. The consolidated bank
would have its head office in San Fran­
cisco and would have 48 offices located
in strategic points from Yreka in the
r.orth to Bakersfield in the south.

Spencer Promotion
C. L. “Chuck” Monson, Spencer
Chemical Company, Kansas City, agri­
cultural sales representative for Iowa
during the past
five years, has
been promoted to
the post of prod­
uct sales super­
visor. Mr. Monson
will work directly
under C l a u d e
Byrd, Spencer’s
Agricultural
Chemicals sales
manager.
c. M O N S O N
A n a t i v e of
Wichita, Kansas, Mr. Monson was in
the feed and fertilizer business there
with his father prior to joining Spen­
cer in 1948. His first sales territory
with Spencer was in the GeorgiaAlabama-Florida area.

Building Firm Promotions

Banks in cities of all sizes from small cross road towns to large met­
ropolitan centers have long recognized T h e F i r s t as "The Banker's
Bank of Kansas City." T h e F i r s t has developed carefully its relation­
ship with correspondent banks. This, with the friendly cooperation
of its officers, has built into T h e F i r s t a service that is traditional

FIRST NATIONAL BANK
M
EMBER FEDERAL DEPOSIT INSURANCE CORPORATION

N o r t h w e s t e r n Ba n ker, N o v e m b e r,


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1955

In several important sales appoint­
ments, Bank Building and Equipment
Corporation of America, St. Louis, has
elevated two of its veteran representa­
tives and added a new man for ex­
panded coverage.
Frank T. Burke, formerly of the
Fry Fulton Lumber Company in St.
Louis, has been
named sales rep­
re s e n ta tiv e by
Earl Klein, vice
president.
Mr. Burke will
operate from the
St. Loui s office,
which is also the
company’s nation­
al headquarters;
f. burke
he wi l l c ont ac t
hankers and as­
sociation executives as an architec­
tural sales representative and consult­
ant on new and remodeled quarters.
President J. B. Gander has also an­
nounced the appointments of Jack
Miner, St. Louis, and Harry Moyer,
San Francisco, as vice presidents. Both
men have distinguished themselves as
leading sales representatives in recent
years.

35

MANUFACTURERS
DIRECTORS
BARNEY BALABAN

TRUST

COMPANY

P re s id e n t, P a ra m o u n t P ic tu re s C o r p o r a t io n

EDWIN J. BEINECKE

Head Office: 55 Broad Street, New York

C h a irm a n , T he S p e r r y a n d H u tch in so n C o .

CLINTON R. BLACK, JR.
P re s id e n t, C . R. B la c k , J r . C o r p o r a t io n

ALVIN G. BRUSH

112 O F F IC E S

IN GREATER

NEW YORK

C h a irm a n , A m e ric a n H o m e P ro d u c ts
C o rp o ra t io n

LOU R. CRANDALL
P re s id e n t, G e o r g e A . F u lle r C o m p a n y

S ta tem en t o f C o n d itio n

,

Sep tem b er

30,

1955

CHARLES A. DANA
C h a irm a n , D a n a C o r p o r a tio n

HORACE C. FLANIGAN

R E SO U R C E S

P re sid e n t

JOHN M. FRANKLIN
P re s id e n t, U n ite d S ta te s Lin es C o m p a n y

Cash and Due from Banks

$

U. S. Government Securities

791,030,757.93
758,495,91 0.57

C ly d e E sta te s

U. S. Government Insured F. H. A.
Mortgages

73,263,73 1.91

PAOLINO GERLI

State, Municipal and Public Securities

193,958,135.06

JOHN GEMMELL, JR.

P re s id e n t, G e r li & C o ., In c.

EUGENE S. HOOPER
S e n io r V ic e P re sid e n t

JOHN L. JOHNSTON
D ir e c t o r , P h illip s P e tro le u m C o m p a n y

OSWALD L. JOHNSTON
S im p so n T h a ch e r & B a rtle tt

BARRY T. LEITHEAD
P re s id e n t, C lu e tt, P e a b o d y & C o . In c.

KENNETH F. MacLELLAN

Stock of Federal Reserve Bank

4,511,700.00

Other Securities

38,031,61 2.89

Loans, Bills Purchased and Bankers’
Acceptances
Mortgages

27,968,057.00

Banking Houses

18,125,966.43

Customers’ Liability for Acceptances

19,144,054.60

Accrued Interest and Other Resources

8,867,779.65

P re s id e n t, U n ite d B iscuit C o m p a n y
o f A m e rica

$ 2 ,9 2 5 ,5 7 4 ,9 5 5 .9 2

JOHN T. MADDEN

LIABILITIES

P re s id e n t, E m ig ra n t In d u s tr ia l S a v in g s Bank

JOHN P. MAGUIRE
P re s id e n t, Jo h n P. M a g u ir e & C o ., In c.
g eo rg e

v.

Mc La u g h l in

V ic e C h a irm a n , T r ib o r o u g h B r id g e a n d
Tun n el A u th o rity

GEORGE J. PATTERSON
P re s id e n t, S c ra n to n & L e h ig h C o a l C o

WILLIAM G. RABE

992,1 77,249.88

Capital (2,519,500
shares— $20. par) $ 50,390,000.00
Surplus

100,000,000.00

Undivided Profits

45,281,586.54 $

Reserves for Taxes, Unearned Discount,
Interest, etc.

195,671,586.54
23,1 43,753.70

Dividend Payable October 15, 1955

2,015,600.00

C h a irm a n , T ru st C o m m itte e

Outstanding Acceptances
HAROLD C. RICHARD
N e w Y o rk C ity

HAROLD V. SMITH
C h a irm a n , The H o m e In s u ra n c e C o m p a n y

L. A. VAN BOMEL
C h a irm a n , N a tio n a l D a iry P ro d u c ts
C o r p o r a t io n

19,700,265.76

Liability as Endorser on Acceptances
and Foreign Bills
..........................
Deposits

15,51 5,777.1 1

...................................

1,589,465.55

.................................................

2,667,93 8,507.26

Other Liabilities

$ 2 ,9 2 5 ,5 7 4 ,9 5 5 .9 2

HENRY C. VON ELM
H o n o ra ry C h a irm a n

U n ite d S t a t e s G o v e r n m e n t a n d O t h e r S e c u r itie s c a r r ie d a t $1 4 3 , 4 6 0 , 8 6 7 . 6 9

a r e p le d g e d to

s e c u re p u b lic fu n d s a n d tru s t d e p o s its a n d f o r o th e r p u r p o s e s a s r e q u ir e d o r p e r m itte d b y la w .

GEORGE G. WALKER
P re s id e n t, E le c tr ic B o n d a n d S h a r e C o .


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

M e m b e r F e d e r a l R e s e r v e S y ste m
M e m b e r New Y o rk C le a r in g H o u se A sso c ia tio n
M e m b e r F e d e r a l D e p o s it In s u ra n c e C o r p o r a t io n

Northwestern B a n ke r, N o v e m b e r , 1955

36

lle lte r Itusiin’ss . . .

which is quite large. We work in an
advisory capacity, and handle well
over 100 farms. I’m not exactly sure,
but I think that’s the way it works.

(Continued from page 25)
on any commercial loans which they
have. I’ve been there long enough
that I’m familiar with most of their
lines of credit and act in the same
manner I feel they would act were
they there. The loan commitments or
the activity in that line, I might say
I have the privilege of saying “yes,”
or I can say “no” or go through the
committee or get two or three officers
together and go over the situation.
“ In addition to making loans, I col­
lect loans. My desk is located in the
lobby so that I catch anything that
might come in—out of town checks,
okay, approval and anything of that
nature. My field work has been cut
down considerably, and most of it is
done in the afternoons. After I’ve
eaten a late lunch, I leave about 1
p. m. After that I’m free to go to
the field. I also have the duty of at­
tending meetings of the 4-H, Agri­
cultural Chamber of Commerce, field
days and things of that nature.”
Different Set-up
Mr. Westra: “ My situation is some­

what different from the rest of the

fellows, and I wish to explain my
position. In a town of about 60,000
we have a bank of $54,000,000. We
have six branches. Our agriculture is
all diversified.
“ I’m a member of a four-man com­
mittee, called the loan and investment
committee, made up of a president
and three vice presidents. This is
for the purpose of passing on all our
larger loans, whether they are com­
mercial business, real estate or other­
wise. Our agricultural department is
manned by myself and two other men,
and I would say that they spend 50
per cent of thir time on the road call­
ing on customers, checking the loans,
inspecting the business firms and so
on. In addition to these duties we
have the correspondent bank division,
which works with about 70 banks.
“We send out a news letter called
the Northwest Farm News once a
month, and we send out 2,500 to 3,000
throughout our area. This is not
taken from any single source. We
try to write it to fit our own depart­
ment. We have a trust department

GROW TH
The DeLuxe organization—a
“ middle sized’’ corporation—has
engaged exclusively in the printing
of bank checks for exactly forty
years this month. Not a long span
as we measure corporate life, but
long enough to become rich in
experience. Long enough to grow
from a tiny print shop to a multipleplant operation employing over
eight hundred people and serving
each year more than twelve thousand
banks.
Our growth has come slowly and
steadily, and has not been due to
mergers or acquisitions. We could
perhaps have expanded faster had
we been interested only in becoming
big. Instead, our objective has been
to serve and, because we have served
well, we have enjoyed a fairly
healthy growth.
The ownership of our company is
not concentrated in a few hands

but rather is spread among 330
stockholders, most of whom are
employees or their immediate
families. The largest stockholder is
our Employees’ Profit Sharing Trust,
which presently has 13% of its funds
so invested. In effect, therefore,
every DeLuxe employee shares in
company ownership as he qualifies
for the Trust after two years of
service.
This statement would be of little
interest were it not for the wave of
mergers now sweeping the country.
We feel impelled to tell our customers
that we are not merging, selling or
buying, and at the same time tell
our own employees that they can
with some confidence look forward
to continued participation with the
DeLuxe people they know and
understand. If we continue to grow,
it will be accomplished with the
same consistent policies that have
brought us to this fortieth milestone.

-,

I

“Also, I have my own farm and I
feed cattle and work on a 50-50 ar­
rangement with a man that I’ve had
for eight years and it’s worked out
very well. I do want to stress this:
Mac McKellips is a living example
of what a banker can accomplish by
showing his people how to do things
on a farm, and actually be a banker
at the same time. I think it is im­
portant for a banker to have a small
acreage or a farm so that the farmer
will recognize his ability to handle a
farming operation.”
Helps Develop Soil

Mr. Hardimon: “ Our section of Illi­
nois has some of the most fertile and
high priced land in the state and in
1952, a good crop year, our average
in five counties was only 57 bushels
per acre, while test plots of the Uni­
versity of Illinois, all over the state
and taking in all types of soil, was
around 100 bushels.
“We thought m aybe there was
something lacking in our county, and
we could begin to do a little some­
thing about it. That brought about
the idea of starting our own farm
service department and with that ob­
jective in view, we naturally hired a
little bit different type of a farm rep­
resentative than some of the rest of
you would. We have ample loaning
officers of our bank, so we found a
man who was a trained agronomist,
a soil chemist, and educated in better
agricultural practices. We introduced
him around as a representative of the
bank and put him to work.
“ Now we have a complete soil test­
ing laboratory at our bank. He makes
complete soil tests for farmers as they
are needed. That’s the one service at
our bank that we charge for. The rest
of the service in our farm department
is free. And remember the service
of our farm department is not limited
to bank customers.
“ Our farm man doesn’t do any of
the formal lending in our community,
though when he is out visiting with
the farmers, in at least 50 per cent of
the cases he can tell the fellows on the
spot whether he can get the loan or
not. Then he comes to the bank to
do the formal filling out of the note
to get the money.”
Four of the seven FR’s operate
farms of their own; one has a herd
of Hereford beef cattle; one manages
BETTER BUSINESS . . .

(Turn to page 45, please)
N o r t h w e s t e r n B a n ke r, N o v e m b e r, 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

37

ENGLAND
COLOMBIA
FRANCE
BRAZIL

GERMANY

C y stom eirs

Need

JAPAN

AND
ELSEWHERE

b ro a d ?

MEXICO

VENEZUELA
THE
NETHERLANDS
THE
PHILIPPINES

SWITZERLAND
SOUTH AFRICA

Chemical Corn Exchange Bank has important connections
with correspondent banks in more than 5000 communities
abroad.
These Key contacts —all native to the areas they serve —
provide our correspondents in the U. S. with complete,
world-wide banking services through our International
Division.
This Division is staffed by men of broad international
experience who maintain close ties with our representatives
overseas by traveling constantly to all parts of the globe.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

You can call on C h em ical Corn E xchange Bank
w ith con fid en ce.

CHEM ICAL
CORN EXCH AN G E

World-Wide Banking
Rapid Credit Information
24-Hour Transit
Dealings in
Government and
Municipal Bonds
Safekeeping Facilities
Portfolio Analysis
Fast Wire Service
Experienced Consultation
Offices throughout
Greater New York

BANK
Founded 1824
165 B R O A D W A Y , N E W Y O R K 15
Member Federal Deposit Insurance Corporation

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 19SS

38

V . P a n i C o m p a n ie s'A eir O ffice

Tulsa Promotion Announced
Kenneth N. Domnick, assistant cash­
ier of National Bank of Tulsa, has been
made an assistant vice president by
the board of di­
rectors at a re­
cent meeting, ac­
cording to A. E.
Bradshaw, bank
president.
Mr. Domni c k,
who has been spec i a 1 agricultural
representative in
t h e correspond­
ent bank division,
will direct the op­
erations of the publicity, public rela­
tions and advertising departments.
Previous to his joining the National
Bank of Tulsa in April, 1954, Mr. Dom­
nick was deputy state director of the
United States Treasury Department
Savings Bond Program. He received
his B.S. degree in Agricultural Eco­
nomics at Oklahoma A. & M. in 1940
and his master’s degree in 1946. From
1946 to 1951 he served as professor of
economics at the East Central State
College in Ada.

T H E N EW HOME o f St. Paul Companies, St. Paul, Minnesota, in Des Moines, Iowa,
lias been occupied. The building, top photo, is an imposing, ultra-modern structure at
2050 Grand Avenue in Des Moines. Lower photo shows an interior view of the com­
pletely air-conditioned building.

“ W e got
the fa c t s w e needed
f r o m the R o y a l”
American bankers have found
that the Royal Bank can help
them with their Canadian
affairs—can help them serve
customers with information
on problems ranging from
sales representation to
choice of a factory site.
For additional information,
write to the Business
Development Dept., at
Head Office in Montreal.
O v e r 800 b ran ch es in C a n a d a , the W est In d ie s , C e n tral
an d South A m e ric a , N ew Y o rk , London an d P aris.

THE ROYAL B A N K
OF C A N A D A
N e w Yo rk A g e n c y — 68 W illia m S tre e t, N ew Yo rk 5 , N . Y.

HEAD OFFICE: MONTREAL

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

•

ASSETS EXCEED S3.CC0.000,COO

Mr. Domnick is a member of the
agricultural committee of the Okla­
homa Bankers Association and vice
chairman of the agricultural division
of the Petroleum Information Com­
mittee, Tulsa Chamber of Commerce,
and was chairman of the Tractor Op­
eration Contest recently sponsored by
this committee.

New York Appointment
The appointment of Harold F. Klein
as an assistant vice president of Man­
ufacturers Trust Company has been
announced by Horace C. Flanigan,
president.
He joined the
staff of Brooklyn
Trust Company in
1930 at the invita­
tion of George V.
McLaughlin, who
was then presi­
dent. At Brooklyn
Trust, Mr. Klein
served as public
r el at i ons repre­
sentative and re­
H. K L E IN
sear c h assistant
to Mr. McLaughlin. He became an of­
ficer of Manufacturers Trust at the
time of the merger in 1950 and has
been in the bank’s advertising and
publicity department.
Mr. Klein served as president of
Hotel Lexington, Inc., from 1938 to
1946 and chairman of the board of
directors thereafter until the hotel was
sold earlier this year.

39

YOUR
BANK IS

B A N D IT
B A IT !
D U R IN G
B A N K IN G
HOURS

UNLESS IT’S
PROTECTED AGAINST...
HOLDUP . . . when em­
ployees and customers face
bandit guns.

Your bank won’t be bandit bait if you’ll block-off
"lures” that attract bandits. Bandits always choose
the easiest way. That’s why three different types
of alarm systems are required!
. . the DieboId-McCIintock
police alarm system enables employees to signal for
help without attracting bandits’ attention.
F o r l o b b y h o ld u p .

F o r b u r g l a r y attack on vault or after-hour depository
the Diebold-McClintock burglar alarm system
simultaneously rings a loud gong on the premises . . .
and signals law enforcement authorities.
F o r i n t r u s i o n of any kind . . . such
as bandits hiding on or entering
premises after-hours . . . the Diebold
Ultrasonic alarm system dispatches
a secret signal that enables officers
to trap bandits.

AFTER
B A N K IN G
HOURS

BURGLARY . . . when
burglars have ample
time to use explo­
sives and power tools

Diebold 3-Way Alarm Service
backed-up by Diebold money
handling equipment discourages
bandits from attempting attacks . . .
around the clock.
A FTER
B A N K IN G
HOURS

INTRUSION . . .
bandits hide on premises
or enter to raid telle
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and vital records.

WITH
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Street
City __________ _____________________________ Zone _____ State
N-

24S-D I
N o r t h w e s t e r n B a n k e r. N o v e m b e r , 1955

40

Royal Bank Promotions
Important appointments in Montreal
and Toronto have been announced by
The Royal Bank of Canada. W. R.
Mitchell, formerly general inspector,
has been named an assistant general
manager at the head office. T. F. Whit­
ley, since 1950 supervisor of Ontario
branches, has been promoted to the
executive post of general inspector
with headquarters in Toronto. Mr.
Whitley’s appointment, states the an­
nouncement, represents an expansion

W. MITCHELL

T. WHITLEY

Whitley as supervisor of Ontario
branches. The promotion of J. B. Mil­
ler, formerly an assistant agent, to
second agent in New York was also
announced.
The Royal Bank of Canada has ap­
pointed H. M. Grindell, manager of its
Havana Branch since 1946, to be super­
visor of branches in the Dominican
Republic, Haiti and Puerto Rico, with
headquarters in Cuidad Trujillo, D.R.
This is a newly created post and the
appointment serves to emphasize the
increasing importance of the Royal
Bank’s business in these three coun­
tries.
G. R. Conrad, formerly resident in­
spector at Cuidad, Trujillo, D.R., be­
comes manager of the bank’s San
Juan, Puerto Rico branch, succeeding
the late E. H. O. Thorne.
P. H. Easton, formerly manager at
Havana, Vedado, 23rd & P. Branch,
has been named manager at Havana
branch.

Promotions in California

W. SHARPE
J. MILLER
in the top administration of the bank’s
Ontario affairs made necessary by the
marked increase in their volume and
importance. W. H. Sharpe, formerly
an agent in New York, succeeds Mr.

A. M. Twomey has been promoted
to vice president of the Bank of Amerca’s San Francisco headquarters and
has been selected to head the officer
replacement department, according to
S. Clarke Beise, bank president.
Mr. Beise announced also that Her­
man O. Evanson, Bank of America
representative to corporations and
correspondent banks in eight western
states and Alaska, has been promoted
to assistant vice president, and Pat­
rick R. Byrne, Theodore A. Griffinger
and Lawrence H. Prager, all of the
bond department, have been named
assistant vice presidents.

Spencer Chemical Co. Announces

The Bank FR

Sem inar

Kansas City, Mo.— Seven bank FR's (*Farm Representatives)
met here June 1-3 to attend a "Bank FR Seminar," the first in a
new program sponsored by Spencer Chemical Company. Rep­
resenting the states of Kansas, Iowa, Illinois, Oklahoma, South
Dakota, Kentucky and Minnesota, the FR's discussed such
questions as "How can an FR help increase the profits of his
bank?" Their answers may help you in your farm business.
Read the details in this and future issues of this publication.

Spencer Chemical Company

Supplies the Nitrogen
Dwight Building
Northwestern B a n ke r, N o v e m b e r , 1955

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Kansas City, Missouri

New Motor Bank
The new Motor Bank of the Idaho
First National Bank, Boise, Idaho, is
one of the latest installations of its
kind, and probably one of the finest
in America in that it takes advantage
of all favorable features of such instal­
lations. For example, all cars in line
for deposit service are waiting on the
bank’s property and not on the street;
the teller’s window is on the driver’s

ATTRACTING AN INCREASED NUM­
BER of customers daily, according to
bank officials, this new and latest type
Motor Bank lists as one of its greatest
advantages the fact that all cars in line
for deposit service wait their turn on bank
property and not on busy streets.

side of the car; and booths are set
side by side, which permits cars to
get away quickly when they have been
waited on, and they conveniently exit
directly onto the street. Another ad­
vantage is that all cars are traveling
in the same direction. The booths are
completely air conditioned and are
fitted with the latest automatic bullet­
proof drive-up windows.
John A. Schoonover, president of
the bank, said recently that “This new
facility has provided a tremendous
gain in good will for the bank. The
installations of equipment were made
by The Mosler Safe Company, and we
are highly pleased with the installa­
tion.”

Assumes New Duties
The First National Bank of Chicago
announced recently that Raymond H.
Becker, vice president, has been placed
in charge of its
banks and bank­
ers division suc­
ceeding Her be r t
W. Prochnow.
Mr. P r o c h n o w
has been granted
a leave of absence
from the bank at
the r eques t of
Secretary Dul l es
who has recomr . becker
mended his ap­
pointment as Deputy Undersecretary
of State for Economic Affairs.
Mr. Becker has been with the bank
since 1922. In his 20 years of experi­
ence as a lending officer to the grain,
meat packing and food industries, he
has traveled extensively.

41

CREATIVE BANKING AT THE HARRIS

If you’ve been wondering
about an account
in Chicago...
( th is

m

a y

h e lp y o u

You look for certain things from a
correspondent bank. Certain serv­
ices. Because that’s what you’re pay­
ing for.
Or is it?
Needless to say, our 73 years of
banking in Chicago equips us to ren­
der all the routine correspondent
services you expect (and perhaps
even a few that may be new to you).
But the important part of corre­
spondent banking isn’t routine. It’s
imaginative. It’s creative. It goes on
behind the scenes o f d a y -to -d a y
activity.
This is the intangible of a bank’s
service. It can’t be catalogued. And


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

H A R R IS

m

a k e

u p

y o u r

m

yet it is largely responsible for the
quality o f service you get.
At the Harris, we call it Creative
Banking . . . "the vision to see, the
background to understand, and the
will to act.”
Creative Banking is both our phi­
losophy and our way o f doing business
at the Harris. It’s a direct, incisive
approach to banking problems . . .
especially adapted to the fast-moving
pace of Chicago today.
Creative Banking is working now
for over 500 of our correspondent
banks here and abroad. We would be
pleased to discuss with you how it
can serve your bank, too.

T r u s t

a n d

S a v in g s

1 1 5 W. M O N R O E

STREET

BANK
CHICAGO

90

Member Federal Reserve System . . . Member Federal Deposit Insurance Corporation

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955

in d

42

Im p ro ved L oon

F r o q to H

F a r m e r s A c q u ir e F a m iiy -S iz e F a r m s
MPROVEMENTS in the insured
loan program which helps farmers
acquire and improve family-size
farms will be made under Public Law
273 which was approved by President
Eisenhower, August 9, according to a
recent statement by Secretary of Agri­
culture Ezra Taft Benson.

I

“During the past fiscal year the vol­
ume of insured farm ownership loans
was approximately 80 per cent higher
than the amount insured in any pre­
vious year,” Secretary Benson said.
“ With the improvements which we re­
quested and which have just been en­
acted into law, we expect the loans
will be even more attractive as invest­
ments and this in turn will make
more funds available to farmers who
need this type of credit.”
Government Is Mortgagee
Public Law 273 makes the govern­
ment the mortgagee for an insured
farm ownership loan. The lender
holds the note. Formerly the lender

For
BANK

and
OFFICE

was the mortgagee and held both the
mortgage and the note.
As a result of this action the loans
will no longer be classified as real
estate loans, and lenders, like banks,
who have limitations on the amount
of real estate paper they may hold,
can participate to a greater extent. It
will also be easier for lenders to as­
sign the loans, for it will no longer
be necessary to prepare and record an
assignment form each time a loan is
transferred to another lender. It will
also eliminate the paper-work former­
ly required of lenders when requests
were made for subordination of the
mortgage or partial release of prop­
erty secured by the mortgage.
Farmers will benefit f r o m the
change in the law to the extent that
lenders increase their participation in
the program. Farmers will also be
able to get faster action on any steps
they wish to take that require the
consent of the holder of the mortgage,
since it will not be necessary to con­
tact the lender in the future.
Highest Total in 1955

During fiscal 1955, 2,909 initial in­
sured farm ownership loans for a to­
tal of $31,668,000 were made through
the Farmers Home Administration.
Prior to 1955 the highest yearly vol­
ume of insured farm ownership loans
was reached in fiscal 1951 when 2,150
loans were insured for a total of $17,556,000.
Insured farm ownership loans are
used by tenants to purchase farms of
their own and by farm owners to en­

large and improve their holdings to
adequate family-type farms. Owners
of family-size farms also use this cred­
it to build and improve farm houses
and other farm buildings.
Applications are made at the county
offices of the Farmers Home Admin­
istration. To be eligible an applicant
must be a citizen of the United States,
unable to obtain necessary credit else­
where and have suitable farming ex­
perience. He also must plan to en­
gage in full-time farming.
Appropriated $19 Million

Farm ownership loans are made on
an insured basis from funds advanced
by private lenders with repayment
fully guaranteed by the government
and on a non-insured basis from ap­
propriated funds. An amount of $19
million has been appropriated by Con­
gress for farm ownership loans made
during fiscal 1956. The use of private
funds increases the credit available to
farmers and lessens the need for the
U. S. Treasury to borrow funds.
The loans are made repayable over
periods up to 40 years. On loans made
from appropriated funds the interest
rate is 4% per cent. On insured loans
the lender receives 3% per cent on his
investment and the Farmer Home Ad­
ministration receives 1 per cent, half
of which is placed in an insurance
fund and half is used to help de­
fray administrative expenses. Insured
loans are limited to 90 per cent of the
value of the farm.
IMPROVED LOANS . . .

(Turn to page 44, please)

and Dining Rooms

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N ofor
r t hFRASER
w e s t e r n B a n ke r, N o v e m b e r , 1955
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

M

o n t r e a l

San Fra n cisco --3 3 3 Ca lifo rnia S treet

Chicago: Special R epresentative’s Office, 141 W est Jackson Blvd.
650 B R A N C H E S

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43

F or m o r e
th a n h a lf a / R r n R


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

03U DallKo
HAVE

u
IN A L L P A R T S O F THE C O U N T R Y

BEEN

HAN OVER

CORRESPO N DEN TS

is Known by the Correspondents it Keeps

T h e

H a n o v e r

B a n k

M e m b e r F e d e r a l D e p o sit In su ra n ce C orp o ra tio n

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955

44

IMPROVED LOANS . . .

to help you serve
the banking needs
o f any industry
An especially helpful feature of
First National City’s correspond­
ent service is the technical assist­
ance offered by our Special In­
dustries Group. A unit of our
Domestic Division, the Group is
comprised of specialists in many
industrial fields.

Insurance Fund Surplus

The training and experience of
these men is at the disposal of our
correspondent banks in connection
with all banking matters requiring
intimate acquaintance with special
industry problems.
This informed assistance can be
especially valuable in helping you
reach sound decisions with respect
to local loans. It is just one of
many reasons why so many banks
are turning to First National City
for New York correspondent ser­
vices. If you’d like to know how
we can help you, why not call on
us today.

J. ED WARREN, Vice-President, is one of

the country’s petroleum authorities.
Working through and with local banks,
his experience is helpful to correspondents
who finance the oil industry; and is typi­
cal of the type of “ expert” service we
offer correspondents faced with problems
in any industry.

COFFEE INDUSTRY SPECIAL­
ISTS Robert M. Franke, As­

sistant Vice-President, and
John C. Slagle, Vice-Presi­
dent watch expert coffee
taster. First National City
has qualified individual spe­
cialists for every important
industryand their assistance
is available to correspon­
dents.

TheFIRST

NATIONAL C IT Y BANK
ofNew York
Head Office: 55 Wall Street, New York
60 Branches Overseas

73 Branches in Greater New York

Around-the-clock Transit Service • Collections • Credit Information
Bond Portfolio Analysis • Complete Securities Handling Facilities
Dealers in State and Municipal Bonds • Participation in Local Loans
Personalized Service • World-Wide Banking Facilities
Complete Metropolitan New York Branch Coverage

¿ n tyfcPi/d tyite/e
Member Federal Deposit Insurance Corporation

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

(Continued from page 42)
Borrowers are requested to refi­
nance their loans through regular
credit channels as soon as they reach
a position where they can qualify for
private or cooperative credit.
From 1947 when the first insured
farm ownership l o a n was made,
through June 30, 1955, a total of 11,758
initial loans for $107,252,000 have been
insured. As of June 30, 1955, approxi­
mately $83 million of this amount was
outstanding.

The income the insurance fund has
received from the insured loans since
the program began has been adequate
to pay lenders the amount necessary
to keep the lenders’ accounts current,
offset the approximately $21,600 net
loss that has resulted in the settle­
ment of accounts closed but not paid
in full, and leave a surplus from oper­
ations as of May 31, 1955, of $1,860,000.
During this past fiscal year lenders
committed more than $82,000,000 for
insured farm ownership loans and for
another type of loan — the soil and
water conservation loan—that it also
made on an insured basis. In the in­
sured soil and water conservation loan
program which was authorized on Au­
gust 17, 1954, the government has al­
ways held the mortgages. So far as
this phase of loan making and servic­
ing is concerned all insured farm loans
will now be handled on the same
basis.
The Farmers Home Administration,
utilizing funds made available by lend­
ers, handles all loan making and serv­
icing activities.—$$

Missourian Endorsed
R. E. Evans, president, Central Na­
tional Bank, Carthage, Missouri, and
president of the Missouri Bankers As­
sociation, has announced that mem­
bers of the MGA Council of Adminis­
tration have voted unanimously to en­
dorse J. C. Welman, president, Bank
of Kennett, Missouri, for consideration
for the office of A.B.A. vice president
at the 1956 A.B.A. convention in Los
Angeles.
Mr. Welman is now chairman of
A.B.A.’s important Country Bank Op­
erations Commission, and he was pres­
ident of the Missouri Bankers Asso­
ciation in 1948-49.
Following this year’s A.B.A. conven­
tion in Chicago, it was assumed that
the A.B.A. next year might want to
elect a man from a state-chartered
country bank. The bank headed by
Mr. Welman has totals of about $9 mil­
lion.

45
BETTER BUSINESS . . .
(Continued from page 36)
320 acres for relatives, and another
neither has a farm nor manages one.

to 'protect travel

How to Select F R

All agreed that banks planning to
add a farm representative to their
staff should try to select a man who
has grown up on a farm or has had
farm experience in that particular lo­
cale and who has a degree in agri­
culture. These three requirements—
local man, farm experience, ag degree
—appeared to be the most important.
It was believed that bank experience
was the least necessary, but that the
bank should have a good training
course for its farm representative.
To establish himself in the commu­
nity and in the respect of area farm­
ers, the farm representative may, the
group agreed: (1) Attend any meet­
ing in the community pertaining to
agriculture—livestock, 4-H Club, FFA,
etc.; (2) should be enthusiastic about
raising the standard of living of the
farmers of the area; (3) help plan
bank promotions such as awarding
a gilt to an outstanding 4-H member,
farm tours, etc.; (4) be a farm counseler; (5) be a proponent of the Amer­
ican free enterprise system; (6) work
in close harmony with the state ag
school.
“ Does the Management of Your
Bank Consider Your FR Program
Profitable and Worth While?” was
answered in the affirmative by each
farm representative at the seminar.
One said, “Yes, they keep raising my
salary every year.” Another men­
tioned how his state bankers’ associa­
tion is making provisions for more
men to have the opportunity to study
and plan for such a career.—$$

fu n d s... NCB
Travelers Checks
You autom atically plan the safety o f
your custom ers’ funds when you sell
them safe, spendable National City
Bank T ra v e le rs C hecks f o r th eir
trips. They can stai’t their journeys
with confidence, because this handy
tra v e l c u r re n c y s a fe g u a r d s th eir
travel funds ju st as your safe de­
posit vaults protect their valuables
back home. I f lost or stolen, NCB
Travelers Checks are refunded in
fu ll. They are accepted like cash fo r
goods and services in this country
and abroad.
You can plan on more profits, too,
when you sell NCB Travelers Checks,
because you keep the en tire selling
commission — % o f 1% . Extensive
sa le s a id s are p r o v id e d fr e e o f
charge, including a complete m er­
chandising kit, tailor-m ade fo r your
ready use and enabling you to tie in
w ith broad national and interna­
tional advertising in trade and con­
sumer publications.

W h e r e v e r th e y a r e . . .w h e r e v e r
t h e y ’ re g o in g ...N C B T r a v e le r s
C h eck s s im p lify t r a v e l m on ey
problem s fo r your clients.

F am ous arou n d the
globe, NCB Travelers
Checks are instantly
re co g n iz e d e v e r y ­
where. In convenient
d e n o m in a t io n s o f
$ 1 0 , $ 2 0 , $50 a n d
$100, they cost only
75 <f per $100 and are
good until used.

BANK BUILDING . . .
(Continued from page 30)
place. Vice Presidents Klein and
Guinger have more than 25 years’ serv­
ice apiece, as do many others in the
company. The chief architect is be­
lieved to be the only architect in the
nation licensed to practice that pro­
fession in all 48 states.
As another forward step in service
to banks, Mr. Gander announced to
the editors that his company has just
completed a new brochure on sug­
gested ideas for remodeling and rear­
ranging of bank interiors and it will
be made available to banks in the near
future. A companion booklet, “What
Happens to Business When a Bank
Modernizes?” also provides helpful in­
formation to bankers contemplating
new quarters or renovation of existing
facilities.—$$

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

The F I R S T

NATIOMA 1 CITY BANK
ofNew York
REMEMBER THESE FACTS:
•

S a fe —f u lly refu n d ed if lost or stolen

• In ex p e n siv e insurance f o r tra vel fim d s — cost on ly 75<t p e r $100
•

You k eep the en tire selling co m m issio n — % o f 1 %

• N C B T ra velers C h ecks have been sold f o r o v e r ha lf a cen tu r y
• Your cu sto m ers are d irected to B u y at B a n k s
Member Federal Deposit Insurance Corporation

N o r t h w e s t e r n B a n ke r. N o v e m b e r , 1955

46

Accepted Symbol of the Modern Bank
THE M A G N IFICEN T

MOSLER CENTURY
B A N K V A U LT D O O R

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Now installed in hundreds of beautiful new “ Banks of
the Future” all over America, the famous Mosler
Century Vault Door has won the reputation of being the
most significant development in bank equipment in 50
years. It is available, today, with a wide diversity of
distinctive architrave and surrounding wall treatments to
harmonize with any type of decor your architect proposes.

47

NEW MOSLER “ SNORKEL”
CURB TELLER makes drive-in
ban k in g s ervice p ossib le
“ right downtown.”

NEW MOSLER “ PICTURE
WINDOWS” FOR DRIVE-IN
BANKING have finest operat­
ing mechanism.

Here, before you
are the products of your own bold vision
o f tomorrow in banking . . .

of modern functional beauty in
banking equipment . . . new con­
cepts of efficiency in bank operation
. . . new concepts of convenient
“ super service” for your customers.
It took both your vision and Mosler’s
to bring them to reality.
If you would li\e details about these new
Mosler concepts for the “ Bang of the Future,”
write, phone or wire The Mosler Safe Com­
pany, Dept. NWB- i i , 3 2 0 Fifth Ave., New
Yor\ 1 , N. Y.

IF IT’S MOSLER . . . IT’S SAFE

Mosler Stefe
World’ s largest builders o f safes and bank vaults . . . Mosler
built the U.S. Gold Storage Vaults at Fort Knox and the famous
bank vaults that withstood the Atomic Bomb at Hiroshima


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Federal Reserve Bank of St. Louis

NEW MOSLER DAY-NIGHT
DEPOSIT SAFE keeps y ou r
bank “ open for business”
’ round the clock.

NEW MOSLER FLEETWOOD
TELLERS’ COUNTERS have a
“ custom” look— at produc­
tion line prices.

MODERN MOSLER REVO-FILE
gives bank clerks and tellers
fingertip control over thou­
sands o f cards from sitting
position.

THE COMPLETE LINE o f
Mosler Record Safes includes
Ledger Desk Safes, which
protect signature and credit
cards where they’ re used.

MODERN MOSLER SAFE DE­
POSIT BOXES are equipped
with locks capable o f over a
million renter key changes.

48

Juran and Moody, Inc.
Organization, Sept. 15, 1955

TWIN CITIES
TELEPHONE:
CApitol 4-9661

*

REME
fncon

from-,

JURAN &
Municipal Bon
Rand T ow er in

MINNEAPOLIS, MINN.

Northwestern Banker, November, 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Citizens & Southern Building in

49

ny y e a rs a g o , Ju ran & Moody, Inc.
ation o f it s kind w e st o f Chicago
Your confidence has enabled us to grow
and provide conservative investors of
the middle west with nationwide
investment opportunities and the most
complete municipal securities service
available anywhere.

One

B illio n D o lla r s

Last year alone, our customers were offered
their choice of over One Billion Dollars of
Municipal Bonds. We participated, alone or

We have acquired over the years a thor­
ough knowledge of every section of the
United States. As a result we have
available at all times a geographical
diversification of Municipal Bonds,
suitable to the most exacting
requirements o f our customers.
Our selling organization, covering the
states of Minnesota, Wisconsin, Iowa
and North and South Dakota, enables
us to offer personal service to any bank,
nsurance company or individual investor.
BER . . . You Pay no Federal
Tax on Interest Received
unicipal Bonds

★

jointly, in the following bond issues:

$

Amount

Issue

15,306,000

M innesota School D istricts

11,246,000

M innesota Cities & V illages

24,720,000

M unicipal N atural Gas Sys­
tems

478,508,000

W ater, Sewer, E lectric &
General Purpose Issues,
(revenue and general ob­
ligations)
o f cities in
m any different states

817,750,000

Turnpike Revenue Bonds

$1,347,530,000

SAFE . . . Municipal Bonds are backed
by the cities and towns of America

OODY, I nc.
s Exclusively
TLANTA, GEORGIA

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

93 East 6th Street in

ST. PAUL, MINN.

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955

50

ISl¡¡ill¡l¡¡¡|ii¡18¡l

4

V

;

g ¡p f r ñ

AND S E R V I C I

c o u e c t in g

ch ecks

an o

D R íF r s

You

B e n e fit

B y:

V Quick Conversion of Items to Cash

We Offer:
v Specialized Clearing and Transit Serv.ee
R o u n d - t h e - c lo c k Check Collect.on Processing
Special Saturday Operation
S im p lif ie d Cash Letter Preparation
Accelerated Availability Schedule

V Early Return of Unpaid Items
V Reduced Credit Risks

V Direct Routing Service to Branch Offices
V Domestic and Foreign Non-Cash Collection Service
v Maximum Use of Air Transportation
'

A M E R IC A N
TRUST

*
V
iy
^

«

COM PANY
!

@

BANKING
R A N K IN G OFFICES SER VING NORTHERN CALIFORNIA

S in c e 1854

H E A D O F F IC E : SA N F R A N C IS C O

... V

•

S ta tem en t o f C o n d itio n
•

V

September 30, 1955

Í.7

RESOURCES

- • isf:
Ipl ilfc

|h11s|

LIABILITIES

Cash on Hand and in Banks
$ 2-47,822,607.79
U. S. Government Obligations
402,072,197.95
State, County, and Municipal Bonds
67,403,281.99
Other Bonds and Securities
25,508,136.48
Stock in Federal Reserve Bank
2,400,000.00
Loans and Discounts
735,258,070.05
Bank Premises and Equipment
12,958,468.30
Other Real Estate
1.00
Customers’ Liability under Acceptances
1,449,067.08
Accrued Interest Receivable and
Other Assets
9,922,781.72
Total Resources

$1,504,794,612.36

Deposits

$1,376,402,179.43

Acceptances Outstanding

10,727,492.68

Reserve for Interest, Taxes, etc.

14,286,576.48

Other Liabilities

2,562,905.06

■

Capital Funds:
Capital Stock

27,812,500.00

Surplus

52,187,500.00

Undivided Profits

19,286,862.84

Total Liabilities

$1,504,794,612.36

United States Government and other securities carried at $ 160,184,909.52 are pledged to secure U. S. Government
Deposits, other public funds, trust deposits, and for other purposes as required or permitted by law.

N o r t h w e s t e r n B a n k e r , N o v e m b e r , 1955

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

;

1,528,595.87

Reserve for Unearned Discount

Member Federal Deposit Insurance Corporation

■

l

ttoon i Y e a r C o n tin u e s
Mn t i i

fi

ar

C u sh ion
Immediate Market Reactions to President’ s Illness
Probably Constitute Only Momentary Reflex to Shock

wsS

■ H ÉÉH I

IN V E S T M E N T S

HE illness of President Eisen­
hower has given pause to the
whole trend of world events and
it is inevitable that investment mar­
kets are absorbing some share of the
impact of this imponderable develop­
ment.
The immediate market reactions to
the presidential illness—the sharp selloff in the stock market and the cor­
responding buoyancy in prime bond
prices—probably constitute only an
automatic and momentary reflex to
shock. If President Eisenhower is able
to pick up effectively his status as
leader of the nation major repercus­
sions of concern touched off by the
heart seizure will in time—and prob­
ably swiftly—peter out. Or even if he
should surrender his responsibilities
gradually by remaining an effective
force in the republican party while
renouncing a campaign for re-election,
the Eisenhower influence and spirit
could still hold over in the effective
service of the nation in the face of his
official retirement.

T

Symbol of National Purpose

But no matter what can be salvaged
from this unfortunate setback, things
can not be the same as before. The
Eisenhower leadership, apart from its
practical achievements in the field of
administration, has been suddenly
shown up by the president’s illness
to be something more as well—a sym­
bol of national purpose and of the
hope of international harmony.
Just how much the nation’s confi­
dent prosperity can be related to this
national symbol is impossible to haz­
ard. It may be small or large. And in
the field of international affairs, the
Eisenhower symbol is more challeng­
ing. Will hopes for a not-distant end­

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ing of the cold war fade if the Eisen­
hower leadership should end? And if
so, what are the economic implications
of an indefinite holdover or even re­
intensification of international ten­
sions?
Events Will Unfold

These are the questions—the tenure
of unity of purpose on both the na­
tional and international front—that
underlie the monetary reactions of the
financial markets to the presidential
illness. There is no way of calling the
shots from here on in. Events will
have to unfold by themselves.
If the world of Russian and other
communist interests really wants to
work out a way to coexist with the
capitalist West, and if the statesman­
ship of communist political leadership
can measure up to the task, a way can
be found, regardless of what turn the
Eisenhower story takes. But it is dif­
ficult to put aside the thought that the
Presidential illness must of necessity
slow down agonizingly the relief of in­
ternational tension.
Apprehension

On the domestic side the same kind
of apprehension will likely persist.
In the makeup of the great Amer­
ican political parties and in the ranks
of their leaders surely there are com­
binations—republican, democrat and
coalition — desirous and capable of
keeping the nation firmly advancing
on the present road of confident pros­
perity. Will such leadership respond
B y RAYMOND TRIGGER
Investment Analyst
ISew York City

to the challenge in the event of an
Eisenhower retirement? Ultimately
yes. But there would probably be
much futile backing and filling and
many subsidiary problems magnified
unduly—in short, much precious time
lost and effort wasted.
Meantime, the boom year of 1955
seems to be moving on in character­
istic fashion. The gross national prod­
uct is inching toward $390,000,000,000
—a new high record. Business inven­
tories are growing. Bank loans to
business, industry and agriculture are
continuing at a high rate—about $3,500
million more than a year ago. Short­
term interest rates are continuing to
rise perceptibly.
Bond Yields Firming

On the other side, it must be noted
that business inventories, with all
their growth were still trailing sales at
last count. And even with the persist­
ent trend of the money market to
stringency, there has been no rise in
the prime lending rate—now 314 per
cent—of the major commercial banks
of the nation’s money centers. Also,
while short-term rates are rising,
there has been something of a firm­
ing in bond yields—a development
visible even before the Presidential
illness.
The rise in short-term rates has
carried the bid-side yield on shortestdated bankers acceptances to 2% per
cent. There have been seven increases
in this rate since January 1, when it
was lVs per cent. The yields on long­
est-term treasury discount bills, as
this is written, are just short of 214
per cent, the highest since June of
1953. The treasury, in its latest tax
anticipation borrowing, designated an
N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1955

52

Investments

interest coupon of 2% per cent for
$2,750 million of certificates due next
June. The treasury will have to bor­
row another $1 billion before the end
of the year.
Notable Improvements

On the other hand, the treasury’s
long-term 3 per cent bonds, which got
down to near 98% this summer, are
now selling again above 100 and there
have been notable improvements in
the 2% per cent Treasury bonds of
shorter term.
The improvement in long-term bond
yields has been visible, too, in the
market for high-grade corporate obli­
gations and for tax-exempt-interest
municipal obligations. Major issues of
debt securities put out by the Colum­
bia Gas System and the St. Louis-San
Francisco Railroad several weeks ago
are now selling at measurable premi­
ums above issue price. The Columbia
Gas issue was put out at a yield of
3.625 per cent, and the railroad securi­
ties at a yield of 4.08 per cent. A ma­
jor constructive development in the
corporate market was the success of
the Baltimore & Ohio Railroad in be­
ing able to get investment bankers to
underwrite a complete revamping of
the system’s scattered prior lien debt
under a consolidate first mortgage.
This refunding involves the placement

M U T U A L , IN C .

S T O C K F U N D , INC .

S E L E C T I V E FUND,
IN C .

of $320,000,000 of bonds. Corporate
bond financing slowed down some­
what in the final weeks of the sum­
mer. One of the latest major market­
ings was an issue of $35,000,000 of
Public Service Electric and Gas Com­
pany twenty-year debentures at a yield
of 3.39 per cent. This was successful.
Pressure Threats

Despite the improvement in bond
yields in recent weeks, the pressure
threats are not wholly disspelled. The
big life insurance companies are hav­
ing no difficulty in finding investment
outlets for their funds, and the savings
and loan associations—where mort­
gage placement has been outstripping
savings and amortization income for
an extended period of time—may not
be able to make up the difference
readily, by borrowing from the federal
home loan banks, as in the past.
The central bank for the savings
and loan associations, has, it is true,
just issued $325,000,000 of 3 per cent
and 3% per cent consolidated notes
due in from five to nine months. Of
the proceeds, $200 million will be new
money to advance to the home mort­
gage financing institutions. The fed­
eral home loan banks took pains to
make it plain, however, that the ad­
vance was a seasonal one, required by
the fact that while new home con­
struction is most active during the
summer months, the actual disburse­
ment of mortgage funds is highest
during the fall season. In between the
lines of this statement is to be drawn
the inference that the savings and
loan associations cannot expect their
central banking facility to keep them
supplied with mo r t g a g e l e ndi ng
money — funds o r i g i n a t i n g mostly
from commercial banks—as an allyear-round accommodation. Hereafter,
the volume of savings and loan asso­
ciation lending will have to be related
more closely to the amount of new
savings deposits generated and the

flow of debt amortization income. The
likelihood of a shrinkage in newmoney market offerings of federal
home loan banks and the fact that
yields of more than 3 per cent have
just been designated for obligations of
such institutions due in less than one
year would seem to make this an at­
tractive field for short-term invest­
ment for banks still having room in
investment portfolios.
Question Mark

The market for tax-exempt-interest
securities of state and local govern­
ments presents something of a ques­
tion mark. There has been a notable
improvement in prices commanded by
such securities since Labor Day, but
just how much of the improvement
is a result of a shrinkage of about
$100 million in dealers’ inventories,
how much is due to a material falling
off in new market offerings and how
much is due to improved demand is
a question. However, the improve­
ment was substantial enough to lower
the bond buyer’s yield index by ten
yield BASIS PERCENTAGE POINTS.
It is notable, that with the end of
the calendar year in sight, there have
been comparatively few jumbo-size
revenue bond issues this year com­
pared with the record of 1954. On the
other hand, there has been no diminu­
tion in the run-of-the-mill local gov­
ernment borrowings to finance school,
road and sanitary installations. The
last big issue of turnpike revenue
bonds—$69 million of obligations of
V i r g i n i a ’ s Richmond-Petersburg ex­
pressway—was a success at a 3.45 per
cent yield bases. The next big turn­
pike deal ahead of the market is the
$400 million expressway system fi­
nancing planned by the Illinois Toll
Road Commission.—$$

A n s w e r to P u z z le
The man had $8.75 when he started.

G R O U P C A N A D IA N
FUND LTD .

We Are Actively Interested in All Issues of
SY N D IC A T E OF
A M E R I C A , INC.

9 o w cl
FIRM BIDS
P ro spectu ses upon requ est from the national
d istrib u to r and investm ent m a n a g er:

V M ju m a p ja L
.

FIRM OFFERS

.

QUOTATIONS

SPARKS & C O .
“ Y o u r C o r r e s p o n d e n t f o r M u n ic ip a l Bonds"

D IV E R S IF IE D

S E R V IC E S , IN C .

Dept. 861, Investors Bldg.
8thand Marquette, Minneapolis 2, Minn.
Northwestern B a n ke r, N o v e m b e r , 1955

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Federal Reserve Bank of St. Louis

1203 Savings & Loan Bldg.
DES MOINES, IOW A

Telephone 3-5154

Investments

iH scu ss

53

In addition to President Walter A.
Schmidt, the speakers at the conven­
tion will be:

M a n a g em en t

Harllee Branch, Jr., president of the
Edison Electric Institute, and presi­
dent of the Georgia Power Company;
Honorable Gabriel Hauge, administra­
tive assistant to the President of the
United States, and Philip D. Reed,
chairman of the board of General
Electric Company.
An additional prominent speaker
will be announced later.

“ OPPORTUNITIES for Service” was topic of talk given by Hartwell Davis (standing),
assistant national secretary o f A.I.B., before regional meeting in Minneapolis last
month. Seated left to right are: Albert Berglund, president, Minneapolis Chapter,
First National Bank; Bernard Lunt, national president, A.I.B., Fort Worth National
Bank, Fort Worth, Texas; Leroy Lewis, national educational director, A.I.B., New Y ork;
Ernest Haugberg, national executive councilman, St. Paul Chapter, First National Bank.

EVELOPMENT of new manage­ A.I.B., Fort Worth; Hartwell Davis,
ment personnel is one of the most assistant secretary of A.I.B., New
York; Ernest J. Haugberg, member of
pressing problems in American busi­
ness and particularly in the banking A.I.B. executive council, Saint Paul;
business, it was stated at the Regional and eleven other individual speakers
Faculty Conference of the American who discussed conduct of training ses­
Institute of Banking in Minneapolis sions, teaching classes and partici­
pated in a panel forum on career
last month.
Dr. Leroy Lewis, national educa­ courses.—$$

D

tion director for the A.I.B., said it
best can be overcome by more empha­
sis on training executives from among
present employees and by formal edu­
cational programs.
Speaking at a dinner in Leamington
Hotel closing the conference, Dr.
Lewis said companies must seek out
the executive talent among their em­
ployees.
“ They should take the 10 and 20-year
men they have, appraise them, estab­
lish development programs for those
showing the management promise,” he
said. “ They form the largest pool of
potential management, for they al­
ready have experience and loyalty to
the institution.”
Appearing on the program with Dr.
Lewis were: Emmett J. Erickson, gen­
eral chairman of the conference, Min­
neapolis; Albert J. Berglund, president
of Minneapolis chapter of A.I.B.; Bern­
ard J. Lunt, national president of

ONE BANK
WITH

37

OFFICES

S E R V E S A LL

Investment Bankers Program
The 1955 Annual Convention of the
Investment Bankers Association will
be held at the Hollywood Beach Ho­
tel, Hollywood, Florida, beginning
Sunday, November 27, and ending Fri­
day, December 2.
The first business session of the con­
vention will be an open meeting of
the municipal securities committee
Sunday afternoon. There will be busi­
ness sessions each morning, Monday
through Friday. In addition there
will be meetings of the board of gov­
ernors and many of the national com­
mittees of the association will hold
meetings during the convention and
will present their annual reports at
that time.

Resources $390,000,000

Hfrm

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Ä w n u j th e ¡/¡tdiovù ß & n k o
MEMBER FED ER A L D EPO SIT IN S U R A N C E C O R P O R A TIO N

lA n d sL h w h il& iöu . jo£L --------------------------------------------------------------------

IO W A AND NEBRASKA MUNICIPAL BONDS
Public Utility, Industrial, Railroad & Corporate Securities
W ayne H ummer & Co
CHICAGO

C E N T R A L REPU BLIC C O M P A N Y
INVESTMENT BANKERS

CHICAGO 90, ILLINOIS
DES MOINES
HAROLD

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H A R R Y R. G R E E N W A Y

V ice Pres. & R es. M g r.
MEMBERS
NEW

YORK

STOCK

V ic e Pres.

IN S . E X C H A N G E B L D G .

<& R e s .

FARNAM

M gr.

BLDG.

EXCHANGE


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Federal Reserve Bank of St. Louis

MEMBERS

OF M ID W E ST

STOCK

EXCHANGE

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 7955

54

TRA V EL IN FO R M A T IO N
...throughout the free world!

A m e r ic a n

In the United States and abroad, American Express will
supply your customers with valuable tourist and sight­
seeing information —arrange for hotel, ticket and auto
reservations. Just another American Express Service. ..
and another reason why American Express Travelers
Cheques sales reached an all-time high in 1954.
A d d itio nal services in clu d e:

•
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Instant A ccep tan ce—with no questions asked!
O n-the-Spot Refunds—in case of loss or theft!
Exch an g e of Travelers C h eq u es—without charge!
Uniformed Representatives—at terminals abroad!
M ail Service—at all American Express offices!

A M E R IC A N E X P R E S S DOES M ORE FOR YOU
BY DOING M ORE FOR YO U R C U S T O M E R S
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955


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Federal Reserve Bank of St. Louis

T r a v e le r s
Cheques

55

T h ey A U
L o v e M a r g ie !
Head How Public Relations Minded “ Margie”
Stirs the Imagination o f Men in fou r States

i

A N o r th w e s te r n B a n k er
In te r v ie w w ith

JIM DAWSON
Dawson Insurance Agency
Fargo, North Dakota

HEN Charles A. Dawson and his sons, Jim and
Bob, entertained bankers at the North Dakota
Bankers Association Convention in their agency
offices recently with a “fish food party,” the question,
“Where’s Margie?” was heard many times during the twohour affair.
An answer to the question was in the form of a huge
bouquet on one of the desks opposite the large serving
table. Attached to the bouquet was a note from Margie,
saying she certainly wanted to be at the party, but she
had an out-of-town errand and “her boss” had given her
permission to go.

W

Margie Is Spirited

This is not the real answer, however. Margie is like
Santa Claus—she is a spirit of good will among all the
employees, agents, and customers of the Dawson agency
in Fargo. Her picture appears on many of the agency’s
mailing pieces, and her signature is on most of the corre­
spondence between the agency and its solicitors.
Margie sends notes to the men in the field, giving them
pep talks, telling jokes and having a good laugh with
them. She is a typical, very efficient . . . and very beau-

MARGIE WORKS HERE
Newly-remodeled front, Dawson Insurance Agency


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Federal Reserve Bank of St. Louis

MARGIE

tiful secretary. And that is the way the people who know
her visualize her.
When an agent does an especially good job, Margie
comments on it on a memorandum to him. When some­
one in the office makes an error, she is likely to take the
blame herself . . . or if “the boss is a little grouchier than
usual this morning,” she might teasingly point to him.
Personalized Service

Charles, Bob, and Jim Dawson, partners in the agency,
believe in personalized service. They encourage their
solicitors and customers alike to call in person or by tele­
phone for quick, specialized service. A personal hand­
written note is sent every man who turns in an applica­
tion. Margie, herself, congratulates the men on their sales.
Here’s a typical note from Margie:
“ I’ll keep you up with the latest developments
when the bosses are busy, correct any errors on the
applications, and keep our office staff of 20 on the
move. Think I could accomplish much more seeing
THEY ALE LOVE MARGIE . . .

(Turn to page 56, please)

MARGIE’S “BOSSES”
L eft to right: Charles A. Dawson and sons, Jim and Bob
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955

56

Insurance

T h ey A il L o v e M a r g ie . . .
(Continued from page 55)
you in person, but the boss says
I shouldn’t think about those
things during the hail season.
How do you suppose he knew?”
Actually, Margie is only one of the
many promotional ideas used by the
Dawson boys and their dad. Through­
out the year, there are mailings of bro­
chures telling about the agency, its
personnel, and what satisfied custom­
ers are saying about the Dawson
agency.
Recently, more than 27,000 good
quality leatherette wallets went into
the mails to that many former in­

sureds. Persons who once were Daw­
son policyholders still receive small
tokens of appreciation from the agen­
cy. And, according to Jim Dawson,
this pays off, with many of the former
insureds returning to the fold.
The Dawson agency handles all lines
of insurance except life, but the em­
phasis turns to hail insurance from
about May 15 to July 15, when approx­
imately 75 per cent of the hail busi­
ness is written. Hail premiums last
year were $800,000.
All three Dawsons work on the hail
end of the business during the hail

AGENTS CALL M ARGIE when they want
information, supplies, or have a problem
they want to discuss. One o f the girls in
the office handles the calls. Line drawings
like the one above appear on all her notes
to the men in the field.

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WOW BUILDING, OMAHA 2, NEBRASKA, T. LESLIE KIZER, PRES.

A

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1017 Walnut Street
Des Moines 9, Iowa

103 Park Avenue
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A R T H U R J. M O R R IS
G EO R G E O L M S T E D ,
Chairman of the Board
President
F R A N K J. S C O T T ,
H A R R Y O ’ B R IE N ,
V ice Chairman of the Board
V ice President and Treasurer
W . L. COBB,
Executive V ice President

J
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955


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Federal Reserve Bank of St. Louis

season, but Bob heads the active man­
agement of the sales and service of the
other lines. During he non-hail sea­
son months, the agency averages a to­
tal of approximately $150,000 premi­
ums in all lines except hail.
Between 16 and 20 employees, be­
sides the three Dawson men, make up
the working staff during the summer
months, and the agency’s peak season
coincides very well with vacations
from grade school, high school and col­
leges in the area. Hence, most of the
summer working force is comprised of
school teachers and college students.
During the non-peak months, the agen­
cy staff drops to about seven.
Margie has been a tremendous aid
in helping the agency become known
in the four-state area in which it oper­
ates — North Dakota, South Dakota,
Minnesota and northern Iowa — and
chances are good that Margie is the
reason in many cases for out-of-towners dropping in to visit the agency
office in Fargo.—$$

The president of the Bank of Com­
merce, Sheridan, Wyoming, Guy Stur­
geon, 54, died at his home in Sheridan
recently of a heart attack.
Mr. Sturgeon was a past president
of the American Banking Association,
state bank division, and of the Inde­
pendent Bankers Association. He had
been with the Bank of Commerce
since 1919 and was a native of Yale,
Kansas.

Insurance

Clearing House Officers
S. Sloan Colt, president of the Bank­
ers Trust Company, New York City,
was elected president of the New
York Clearing House Association at
its 102nd annual meeting. He suc-

chairman board of directors, Chase
Manhattan Bank. Grant Keehn, exec­
utive vice president, First National
City Bank, was re-elected secretary.

Arizona Promotions
Three promotions of staff members
have been announced by Mont E. McMillen, president of the First National
Bank of Arizona, Phoenix.
Richard S. Slater, manager of the
bank’s credit department, has been
transferred to the main office staff
where he will be given a variety of
assignments in all phases of the bank’s
operations.

57

Succeeding Mr. Slater as credit de­
partment head will be Art Schwalge,
formerly an analyst in that depart­
ment. Subject of the third promotion
is Henry J. Schmitz, formerly in the
loan service department. Mr. Schmitz
will head up a newly created loan ad­
justment department.

4 0 Years’ Service
Renolds J. Barbieri, vice president,
corporation and bank relations at
Bank of America’s San Francisco
headquarters, has completed 40 years’
continuous service with the state-wide
institution.

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COLT

ceeds N. Baxter Jackson, chairman,
Chemical Corn Exchange Bank.
John C. Traphagen, chairman of the
Bank of New York, was elected chair­
man of the Clearing House Commit­
tee, succeeding Percy J. Ebbott, vice

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(Left) is shown receiving a check for $2,313.45 from
C. Bosworth, Jr., Vice President of Colorado Credit Life.
The check is in payment of Colorado State Bank's most
recent death claim.

CREDIT LIFE INSURANCE

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COLORADO
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FIRE INSURANCE

Mt. Pleasant, Iowa
E. A. HAYES
President

O. T. WILSON
Secretary

Established in 7929


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Federal Reserve Bank of St. Louis

COLORADO CREDIT
LIFE UNDERWRITERS

AUTOMOBILE INSURANCE
W e invite

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Insurance Group Home O ffice in Boulder, Colorado.

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1955

58

Insurance

Joins Arizona Staff
Robert M. Anderson of St. Louis,
Missouri, has been named assistant
vice president of the First National
Bank of Arizona, Phoenix, Mont E.
McMillen, president, has announced.
A native of Arkansas, Mr. Ander­
son was with the First National Bank
in St. Louis, where he was assistant
vice president of the correspondent
bank division.

F a rm ers M u tu a l H a il H o st
To P u b lic in .V eri' H om e RuH ding

t

dependable

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service
since 1 9 0 0

“IT’S GRAND AT 2323” was the slogan used by Farmers Mutual Hail when its new
building was opened for public inspection last month. This was not only because of
pride in the beautiful new structure, but also because it is a 124-foot lot on Grand
Avenue in Des Moines. There is a two-level parking area, each level being 100 feet wide
and 58 feet deep. Inset picture, left to right: George F. Rutledge, assistant secretary
and director, and Max D. Rutledge, president and director.

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Insurance Co.
616 10th Street
HOM E O F F IC E
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N o r t h w e s t e r n B a n ke r, N o v e m b e r, 7955


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Federal Reserve Bank of St. Louis

Insurance

Elected Hanover Trustees
L. L. Colbert, president of Chrysler
Corporation, and Robert G. Page,
president of Phelps Dodge Corpora­
tion, have been elected trustees of The
Hanover Bank, New York.

pany, Tulsa, Oklahoma, has been
named by the bank's board of direc­
tors, President R. Otis McClintock re­
ported.
The new official is J. E. Bishop, a
trust department member the past

Mr. Colbert has been president of
Chrysler since 1950 and a director
since 1949. He joined the company in
1933 when he became both resident at­
torney and a member of the operations
committee. He was named a vice
president of the Dodge Division in
1936 and president in 1946.

S

P

E

E

D

59

one and one-half years. Mr. Bishop
received his law and business degrees
from the University of Oklahoma and
before joining First National was a
member of a Tulsa certified public
accountant firm.

s e r v ic e on claim s

Y

THE S A I NT PAUL

BANKERS BLANKET BOND
R. P A G E

w ith e x t e n d e d c o v e r a g e

L. C O L B E R T

Mr. Page has been president and a
director of Phelps Dodge since 1947.
He also is a director of Bigelow-Sanford Carpet Company, a trustee of
the American Museum of Natural His­
tory and the Village of Quogue, and
a director of the Legal Aid Society. He
is a member of the Mining and Metal­
lurgical Society of America, the Ameri­
can institute of Mining and Metal­
lurgical Engineers, and the Bar Asso­
ciation of New York City.

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M osler Appointm ents
Appointment of Robert C. Howenstine as manager of the Midwest Bank
Division for the Mosler Safe Com­
pany, has been
announced by Ed­
win H. Mosler,
Jr., president.
1VI r. H o w e nstine’s headquar­
ters will be in
Mosler’s Chicago
office. He will dl­
l' e c t t h e c o m ­
p a n y ’ s bank
equipment sales
ac t i vi t i es in a
four-state area including sections of
Illinois, Indiana, Wisconsin, and Iowa.
Charles A. Donnell, who has served
in this capacity for many years, has
been appointed special bank protective
equipment sales engineer, Mr. Mosler
said.

New Assistant Trust Officer
A new assistant trust officer for the
First National Bank and Trust Com
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

111 West Fifth Street, Saint Paul 2, Minnesota

INSURANCE COUNSELLORS TO BANKS

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Harold S. Evans, President
Fourth and Park Sts.

Des Moines 9, Iowa

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955

60

The First National Bank
of

C h ic a g o

Statement of Condition October 5, 1955
Board of Directors
E dward E. B rown
C h a irm a n o f th e Board

ASSETS

L ouis B. N eumiller
C h airm an o f the Board,
C aterp illar T ra cto r C o .

C hesser M . C ampbell
P resid en t,
th e T r ib u n e C o m p a n y

J. D. F arrington
P resid en t, C h ic a g o , R o c k Island
and P a cific R a ilro a d C o m p a n y

M arshall F ield , Jr .
E ditor and P u b lish er,
C h ic a g o S u n -T im e s

James B. F organ
V ice -C h a irm a n o f th e Board

W alter M . H eymann
E xecu tive V ice -P re s id e n t

H enry

P.

I sham

P resid en t, C le a rin g In du strial
D istrict, In c.

James S. K nowlson
C h airm an o f the Board,
S tew a rt-W a rn e r C o rp .

H omer J. L ivingston

James F. O ates, Jr .
C h airm an , T h e P eop les G as
L ig h t and C o k e C o .

W illiam W ood P rince
Presid ent, U n io n Stock Y a rd
a n d T ra n sit C o m p a n y o f C h ica g o

C larence B. R andall

$2,764,764,611.45

C h airm an ,
Inland Steel C o m p a n y

G ilbert H. Scribner
W in s to n à C om p a n y

R. D ouglas Stu art
D irector, Q uaker Oats C o m p a n y

Louis W

are

Presid ent, International
M in erals & C h e m ica l C orp .

C. J. W hipple
C hairm an o f the Board,
H ibbard, Spencer, Bartlett & C o .

P resid en t

H ughston M . M cB ain
C h airm an o f the B oard,
M a rsh a ll F ield
C om pany

Bentley G. M c C loud
B anker

H arry C. M urphy
P resid en t, C h ica g o , B u rlin gton
& Q u in c y R a ilroa d C o m p a n y

Cash and Due from B a n k s .............................................. $ 569,767,109.84
United States Government Obligations .
.
.
.
771,604,726.22
Other Bonds and S e c u r i t i e s ...............................................
156,191,633.50
Loans and D i s c o u n t s ........................................................
1,248,075,535.38
Real Estate (Bank Buildings and A djacent Property) .
1,526,498.06
Federal Reserve Bank S t o c k ..............................................
6,150,000.00
Customers’ Liability Account o f A cceptances
.
.
2,453,831.51
Interest Earned, not C o l l e c t e d .....................................
7,776,708.18
Other A s s e t s ..........................................................................
1,218,568.76

John

P.

W ilson

W ils o n & M c llv a in e

R obert E. W ilson

LIAB ILITIES
Capital S t o c k .......................................................................... $ 100,000,000.00
S u r p l u s ....................................................................................
105,000,000.00
Undivided P r o f i t s .................................................................
10,657,272.89
Discount Collected, but not Earned
.
.
.
.
2,903,193.12
Reserve for Taxes, e tc ............................................................
29,630,144.01
Bills P a y a b l e ..........................................................................
20,000,000.00
Liability Account o f A c c e p t a n c e s .....................................
3,865,955.05
Time D e p o s it s ..................................... $ 538,468,761.95
Demand Deposits
.
.
.
.
1,795,043,510.70
Deposits o f Public Funds
.
.
159,186,606.21
2,492,698,878.86
Liabilities other than those above stated
.
.
.
9,167.52
$2,764,764,611.45

C hairm an o f the Board,
Standard O il C om p a n y (In d ia n a )

R obert E. W ood

United States Government obligations carried at $287,847,638.29 are pledged
to secure United States Government and other public deposits, trust
deposits, and for other purposes as required or permitted by law.

C hairm an, F in an ce C om m ittee,
Sears, R o e b u ck and C o.

MEMBER

FEDERAL

D EPO SIT

IN SU R A N C E

CO RPOR ATION

Building with Chicago since 1863
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955


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Federal Reserve Bank of St. Louis

61
Massey Company, retail store, and
Oscar J. Allerton, president and gen­
eral manager, The Kruse Company,
lumber dealers and home builders.

M in n e s o ta

NEWS
DONOVAN E. CROU LEy
FLOYD W, LARSON

President
Secretary

Blackduck Opening

Minneapolis
Minneapolis

M in n eso ta H ankers C om m en d ed
bankers of Minnesota were commended for their contributions to
T HE
the “economy, beauty and conservation effort of the state” by the Min­

nesota Horticultural Society during the organization’s annual meeting in
Bemidji.
E. M. Hunt, St. Paul, secretary of the state society, in transmitting the
official resolution and scroll of the society to D. E. Crouley, Minneapolis,
president of the M.B.A., wrote: “ The Horticultural Society is sympathetic
with all movements which bear upon conservation and natural resources
of the state. We congratulate you on the effective program you are pursu­
ing in this direction.”
The full text of the citation as adopted unanimously by the members of
of the Minnesota State Horticultural Society at the annual meeting in
Bemidji follows:
W H E R E A S The Minnesota Bankers Association has purchased tree planting machines and
made these available to citizens in approxim ately 50 counties of the state and
W H E R E A S This generous service has assisted in the planting o f 15 million trees since 1952,
thereby contributing greatly to the economy, beauty, and conservation effort of the state, and
W H E R E A S Minnesota Bankers Association members have contributed generously in tim e and
energy in planning and executing tree planting demonstrations and educational field days in
their communities
B E IT R E S O L V E D That the M innesota State H orticultural Society highly commends and ex­
tends its thanks and appreciation to the M innesota Bankers Association for its contributions
to the people of Minnesota.

Chairman of the tree planting program for the association is Kenneth
Gay, Sturgeon Lake, Minnesota.

The Blackduck State Bank opened
for business last month in its new
banking house at its old location on
the corner of Summit and Main, Black­
duck, Minnesota.
A beautifully appointed interior now
greets banking customers at the bank,
the interior decorations harmonizing
with the new blond oak furniture and
fixtures. The new bank provides more
room in the bank lobby and at the tell­
ers’ windows, as well as more working
space for the bank employees.
A large double vault now permits
more safety deposit space as well as
additional storage space for records.

Buys Bank Stock
Bill Henden of Carthage, formerly
of Howard, Minnesota, purchased
stock in the Farmers State Bank at
Carthage last month. Announcement
of the sale of the stock was made by
the board of directors.
Mr. Henden purchased the stock of
Dallas Freed, who resigned as cashier
of the bank and disposed of his stock
to Mr. Henden and Dale Morstad.

Grand Opening
St. Cloud Promotions
Two promotions and an addition to
the staff of officers of the Guaranty
State Bank and Trust Company, St.
Cloud, Mi nnesota, have been an­
nounced by Jerry Kigin, president.
Elected cashier by the board of di­
rectors is John Henry, who has been
assistant cashier. Douglas Johnson
has been promoted from assistant
cashier to assistant vice president.
Mr. Kigin also announced the hiring
and election of Cecil Pogatchnik of
Hibbing as assistant cashier.

To Fosston Bank
Orville Olson, formerly of McIntosh,
is a new employee at the Farmers
State Bank, Fosston, Minnesota.

Executive Vice President
Pearl P. Henning, a former em­
ployee of the First National Bank,
Sleepy Eye, Minnesota, has been
named executive vice president of the
Stewartville National Bank, succeed­
ing Homer Wooldridge who resigned.
, Mr. Henning has been serving as
assistant to the president of the Olmstad County Bank and Trust at
Rochester. Prior to going to Roches­
ter in 1943 he spent seven years with
the national bank examining depart­

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Federal Reserve Bank of St. Louis

ment at Minneapolis. He has been in
banking in Minnesota and South Da­
kota since 1925.

Elected Cashier
Edward Manni, Barnum, Minnesota,
auctioneer, started work recently at
the State Bank of Barnum as cashier.
Mr. Manni has lived all his life on the
family farm north of Kettle River,
actively engaged in dairying in addi­
tion to his other duties.

Alfred E. Sevigny
Funeral services were held recently
at the St. Joseph’s Catholic Church at
Brooks for Alfred Edward Sevigny, 28,
employee at the Farmers State Bank,
Fosston, Minnesota, since last April.
Mr. Sevigny died unexpectedly at a
Red Lake Falls hospital following an
emergency operation for appendicitis.

Four New Directors
Election of four new directors of
The First National Bank of Rochester
has been announced by R. A. Bezoir,
president.
They are: Warren Weed, general
manager, Daytons-Rochester; Earl R.
Baker, proprietor, Baker Shoe Store;
Frederick J. Furlow, proprietor, C. F.

Citizens State Bank of Green Isle,
Minnesota, invited the general public
to be its guests at the grand opening
recently.
The bank presented gifts to men,
women and children and gave away
four $25 savings bonds.
Free personalized checks are being
given to those opening new checking
accounts within 30 days from the
opening day. The bank has also an­
nounced that it has increased its in­
terest rate on time deposits to 2%
per cent.

Heads County Group
Harry W. Berner, assistant cashier,
First National Bank, Jackson, Minne­
sota, was elected president of the Jackson County Bankers Association at the
group’s recent annual meeting.
Mr. Berner succeeds Earl Sucker of
the First National Bank of Lakefield
to the post.

Elected President
W. W. Beske was elected president
of the Farmers National Bank, Minne­
sota Lake, Minnesota, at a special
board of directors’ meeting. He suc­
ceeds his father, the late G. A. Beske,
who held the office for many years.
N o r t h w e s t e r n B a n ke r, N o v e m b e r, 1955

62

CAMERON THOMSON has been
• elected to the newly-created posi­
tion of chairman of the board of North­
west Bancorporation, which he has
headed as president for 22 years.
Good iich Lowry, 43, executive vice
president of the Northwestern Nation­
al Rank of Minneapolis, a Bancorpora­
tion affiliate, was elected president and
a director.

J

Two changes in the executive staff
of the bank were announced by Joseph
F. Ringland, president, to fill vacancies
resulting from Mr. Lowry’s election
to the Banco presidency.

J. A.

J. C.

TH O M SO N

G. L O W R Y

The changes were voted by the
board of directors at a meeting in
LaCrosse, Wisconsin. Mr. Thomson
reached the retirement age of 65 re­
cently.
Mr. Lowry, the fourth generation of
his family to be associated with the
Northwestern National, will be the
chief administrative head of Banco,
with Mr. Thomson acting in an advis­
ory and consulting capacity. Mr.
Lowry started his banking career in
1936, and had been executive vice pres­
ident of the bank since 1951. He will
continue as a director in his new posi­
tion. Mr. Thomson began his banking
c a r e e r as a
clerk in 1905. He
is a past presi­
dent and v i c e
president of the
American Insti­
tute of Banking.
President
Lowry has ann o u n c e d the
election of H.
Raymond Horn

to seni or vice
president. Mr. Horn has been vice
president and chief examiner of the
corporation.
N o r t h w e s t e r n Ba n ker, N o v e m b e r, 1955


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Federal Reserve Bank of St. Louis

M OORHEAD

H. T . R U T L E G E

John A. Moorhead, 45, was elected
executive vice president and Henry T.
Rutledge, 43, was elected president of
the Northwestern Bank Building Com­
pany, real estate subsidiary of the
bank.
Mr. Moorhead started his banking
career in 1930, Mr. Rutledge in 1929.
Both men have been active in civic
and community affairs.
* * *
Gordon Murray, president of the
First National Bank of Minneapolis,
has been elected to the board of di­
rectors of the Title Insurance Com­
pany of Minnesota.
* *
Donald Wyard of Minneapolis has
been elected vice president of the Bill­
ings State Bank, Billings, Montana.
He has been an examiner on the staff
of the Northwest Bancorporation since
1951. Before that he was a credit su­
pervisor for Gamble-Skogmo, Inc., and
previously was associated with the
Midland National Bank of Minneap­
olis.
* * *
Loyal C. Simensen of the Fidelity
State Bank of Minneapolis and AV. ().
Johnson of the Northwestern National
Bank of Minneapolis have been named
officers of the Minneapolis Thrift Com­
mittee.

Directors include King Bennethum
of the First National Bank of Minne­
apolis, C. P. Clifford of the Farmers &
Mechanics Savings Bank of Minneap­
olis and Arnulf Ueland of the Midland
National Bank of Minneapolis.
* * *
William R. Chapman, a vice presi­
dent and director of the Midland Na­
tional Bank of Minneapolis, has been
elected second vice president of Rob­
ert Morris Associates, national organition of bank loan officers and credit
men.
* * *
Burt Noah of the First National
Bank of St. Paul served as a team cap­
tain during the membership drive of
Downtown, Inc., which is promoting
the St. Paul loop area. Philip H.
Nason, president of First National, is
a member of the executive committee
of the organization.
=t= =t= *
Newton H. Dashiell, Jr., of the
Northwestern National Bank of Min­
neapolis and Eugene \\T. Oredson of
the First Edina National Bank are
serving as directors of the Retail Cred­
it Association of Minneapolis during
the 1955-56 year.
* * *
Carl R. Pohlad, president of the Mar­
quette National Bank of Minneapolis,
was elected a director of the BankShare Owners Advisory League.
* * *
Elmer R. Carlson, 50, assistant vice
president of the Cherokee State Bank
of St. Paul, died recently of a heart
attack. He had been with the bank
30 years. Surviving are his wife, a son
and two brothers.
* * *
Paul \\T. Petterson, vice president of
the mortgage department of the Mar­
quette National Bank of Minneapolis,
spoke at a recent meeting of the Indianhead conference of the National
Association of Bank Auditors and Con­
trollers at Menomonie, Wisconsin. Mr.
Petterson discussed mortgage loan
procedures.

' V-''

■
.V.--

1‘

O ctob er

5, 195o
Capital

1 Due from Banks.
Cash and
Government Obligate
U. S. C
• Bonds & Securities..
Other
Loans & Discounts............. ;
Reserve fo r possi
Less
~3 L osses..............
F u tu re
Federal Reserve
Stock in 1 Customers’ Liability on
Acceptance - - - ■ ....
,,
T
„ -parried
Income
Larneu but not Lon
Bank Premises, Furnitur
Fixtures .......................
Other Resources............

Stock......................

Surplus ....................
Undivided Profits.....................
Reserve for Contingencies......^
Reserve for Interest, Taxes, etc.
Income Collected but not Earned
Letters of Credit and
Acceptances .....................
Deposits ----......................
Total Liabilities....................

Total Resources.........

32.11 are pledged
rried at $60,458,35
■mitted by law.
aS required or per

united States Government
;„ „ d s and trust deposits a

L u c ia n

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D o n a l d C. D a y t o n

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p resid en t and
G en eral M a n a ger,

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T h e D a y to n C o m p a n y
Steph en

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B e n t o n J . C a se
P r e sid e n t,

J a n n e y , S em p le,
H ill & C o m p a n y
K
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V Îee P r i e n t ,
O rch e s tra l A s s o c ia tio n
o f M p ls., I n c .
r forge B. C lifford , JRT r e a s u r e r , T h e C rea m o.
I w lip a t C o r p o r a tio n


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

r

t

n

P.

D u ff y

H a r d w a re

C h a ir m a n

of

th e

? c

S. s t b ;
and -

P resid en t

FRANK T . ip D T R o ' r d
T h o m a s L . D A N IE L

’

F H . P e a v e y a n d Co.
F ‘ p e a v e y H effelfingeb
P r e sid e n t,
_
F . H . P e a v e y an d t o .

The S tron g . S o
M a n u fa c tu r in g
D. J. S t ro use
R etired

A l l e n S. K in g

H arold W . Sv

Northern* States P « « « r
C om pany
F r a n k P. L e slie

M in n e a p o lis -r l
R e g u la to r Cor

C h a ir m a n o f

t

H arold H . T
P r e sid e n t,

T h T j o h n L e s lie P a p e r
G oodrich L o w r y

S earle G ra in
j . C am eron
C h a ir m a n o f

N o rth w e s t B:
V a l e n t in e V
C h a ir m a n o f

M in n e so ta P

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955

64

Minnesota News

Clifton Harm, for eight years a spe­
cial representative for Rand McNally
Company, publishers and printers, has
joined the bank
advertising firm
of Richard Stebbins and Associ­
ates, Inc., Minne­
apolis. Mr. Harm
will be an ac­
count executive in
c har g e of busi­
ness development.
The St ebbi ns
c HARM
and Associates ad­
vertising firm, formed less than two
years ago, specializes in bank advertis­
ing and public relations. It serves
bank clients in the Ninth Federal Re­
serve District and Missouri. Mr.
Harm’s experience and past field of
operation parallels that of the new
advertising firm.

In his new role, Mr. Harm will
spend much of his time acquainting
the banking trade with newly-pack­
aged services the agency has devel­
oped. These services include a series
of individualized newspaper, direct
mail and lobby advertisements. It can
be used by any size bank.
* * *
Interest continues to run high in
the finance forums for women and

business and professional men, spon­
sored by the First National Bank of
St. Paul.
Speakers at the recent series in­
cluded Dr. C. Gilbert Wrenn, professor
of educational psychology at the Uni­
versity of Minnesota; John D. Sharp,
manager of the investment research
department of the First Service Cor­
poration; Charles H. Loomis, assistant
vice president and manager of the in­
vestment department of First Nation­
al; A. R. Jacqua, director of the insti­
tute of insurance marketing at South­
ern Methodist University, and Harry
L. Holtz, trust officer of the First
Trust Company.
H
= H
= *
The Minnesota Licensed Practical
Nurses Association, fourth area, met
recently at Lowry Medical Arts Build­
ing. Carl Peterson, assistant cashier
of First National Bank, spoke on “ Per­
sonal Budgeting Through a Checking
Account.”
H
= H
1 H
=
Application to organize the Edina
State Bank of Minneapolis at Fiftieth
Street and France Avenue S. has been
withdrawn by Harry Thompson, Min­
neapolis, who was to have been presi­
dent of the new bank. He said the
withdrawal was “in the interest of
harmony in Minneapolis banking cir­
cles.”

Hospital and Surgical Insurance for Bankers
Now your preferred risk classification as a Banker makes it
possible to include your wife and children at the same LOW
RATES.
Room and Board from $4.00 to $12.00 per day
Surgical Benefits of $75.00, $100.00 or $125.00
Fee of $4 pays for $8 a day Hospital policy to Mar. 15, 1956

Minnesota Commercial Men’s Association
2550 Pillsbury Ave. S.

Minneapolis 4, Minnesota

“ It’s Easy for our Customers to . . .
BANK BY M AIL”
MR. E . R. B R O W N , V ice-P resid ent,
The H u ntin gton N ational Bank, Columbus, Ohio,
in a recen t article in N O R T H W E S T E R N B A N K E R .

With sincere appreciation, we would
like to help make it just as easy
for your customers . . .

William Cherney and Associates, Inc.
B anking-B y-M ail Specialists Since 1933
546 W est Washington Blvd.

N o r t h w e s t e r n B a n k e r , N o v e m b e r, 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Chicago 6, Illinois

Mr. Thompson, however, has filed a
new application for a state bank to be
located in St. Anthony Village’s shop­
ping center. Proposed capital struc­
ture of $200,000 would consist of capi­
tal $100,000, surplus $60,000, and un­
divided profits $40,00.
It would be called the State Bank
of St. Anthony Village.
* H
= *
Robert Butler, 58, prominent St.
Paul businessman and former ambas­
sador to Australia and Cuba, died of
a heart attack recently in a New York
hospital.
He was stricken a day after return­
ing from a month in Europe.
He was a member of the board of
directors of American National Bank,
St. Paul, and until recently was a
stockholder in WTCN radio and tele­
vision stations.
H
= H
= *
Walter H. Turner, formerly assist­
ant cashier of the Federal Reserve
Bank of Minneapolis, died recently at
Veterans Hospital in Los Angeles, Cal­
ifornia.
Mr. Turner was employed by the
bank originally in 1916, and after serv­
ice in World War I returned to the
bank. He was made an officer in 1942
and retired from active service in
1952.
Survivors include his wife, Muriel;
three sons, Walter and Robert of Cali­
fornia and Arthur, Minneapolis, and a
daughter, Mrs. T. Sterling, Kansas
City, Missouri.
H
= H
= H
=

To celebrate the completion of its
completely remodeled and enlarged
banking home, the St. Anthony Falls
office of First National Bank of Min­
neapolis, East Hennepin at 4th Street,
held open house recently, according to
William E. Neudeck, assistant vice
president and manager.
At open house valuable door prizes
were awarded, including a 21 inch con­
sole television set, a rotisserie, a clockradio, an electric mixer, an automatic
toaster, a steam iron and a deep fryer.

L o o k i n g for a correspondent
bank that’s friendly . . . inter­
ested in your problems . . .
quick to help? Come in any
tim e!
Write or phone Main 0511

Midland NATIONAL BANK
dita, bwtkujifivttabqWELCOME!

401 Second Ave. S.
Minneapolis 1, Minnesota
Member Federal Deposit Insurance
Corporation

Minnesota News
T w o b ic y c le s w e r e g iv e n as sp e cia l
c h ild r e n ’s p rize s an d e v e r y y o u n g s t e r
r e c e iv e d a c o in b a n k . R e fr e s h m e n ts
w e r e se rv e d to all.
O fficers, in a d d itio n to M r. N eu d eck ,
are: Elmer Lindborg, a ssista n t m a n ­
ag er; Thomas M. Kelly, assista n t m a n ­
ager; Noel Asplund, a ssista n t m a n ­
ager; Lawrence C. Peterson, assistan t
m a n a g er; Russell C. Ceder, assistan t
m a n a g er, an d James C. Hoskin, a ssist­
an t m a n a g er.
* * *

Silas E. Rogers has b e e n p ro m o te d
fr o m a ssista n t a d v e r tis in g m a n a g e r to
a d v e r tis in g m a n a g e r o f th e F ir s t N a ­
tio n a l B ank, St. Paul.
*

Leo Quist o f H a ro ld E. W o o d &
C om p a n y , St. P aul, has b e e n e lected
ch a irm a n o f th e M in n esota g r o u p o f
th e In v e s tm e n t B a n k ers A s s o c ia tio n o f
A m e rica . Edward Howard o f P ip er,
J a ffra y & H o p w o o d , M in n ea p olis, w a s
e le cte d v ic e ch a irm a n , an d Nestor
Boher o f K a lm a n & C om p a n y , In c., St.
P aul, s e cre ta ry -tre a su re r.
E le c te d to th e e x e c u tiv e c o m m itte e
w e r e Arthur Rand o f W o o d a r d , E lw o o d & C om p a n y , M in n ea p olis; Carl
Kail o f th e F ir s t N a tion a l B a n k o f
M in n ea p olis, an d William Mannheimer o f M a n n h eim er, E g a n & C om p a n y ,
St. Paul.

65

T h e a p p o in tm e n t o f Harry C. Ben­
son, Jr., assista n t ca sh ie r o f M id lan d
N a tion a l B ank, as m a n a g e r o f o p e ra ­
tio n s w ith th e title o f assista n t v ic e
p re s id e n t has b een a n n o u n ce d b y Arnulf Ueland, p resid en t. T h e b o a rd
a lso ele cte d Glen L. Morgan, m a n a g er
o f th e p e r s o n n e l d ep a rtm en t, to a ssist­
ant ca sh ier.
*

*

A 40-year-old tu n n e l u n d e r M a r­
q u ette A v e n u e is g o in g to m a k e life
ea sier fo r th e m o re th a n 3,000 ten an ts
o f th e la rg est office b u ild in g in M in n e­
a p olis and s h o p p e rs in th e lo o p area.

=!= *

N et ea rn in g s o f Investors Diversi­
fied Services, Inc., M in n ea p olis, in th e
n in e m o n th s e n d ed S e p te m b e r 30,
1955, a m o u n te d to $4,056,047, o r $2.79
p e r sh are, c o m p a r e d w ith $3,245,599,
o r $2.23 p er sh a re in th e c o r r e s p o n d ­
in g p e r io d o f 1954, th e c o m p a n y a n ­
n o u n ce d .
U n d is trib u te d e a r n i n g s o f ID S
w h o lly -o w n e d su b sid ia r ie s w e r e $4,130,558, or $2.84 p e r sh a re o f ID S
s to c k a g a in st $3,170,106, o r $2.18 p er
sh a re in th e c o m p a r a b le n in e m o n th s
last y ea r, m a k in g th e tota l in cre a se in
su rp lu s $8,186,605, e q u a l to $5.63 p er
sh a re in th e first th re e q u a rte rs o f
1955, a g a in st $6,415,705, or $4.41 p er
sh a re in th e lik e p e r io d a y e a r ago,
a c c o r d in g to th e u n a u d ite d fig u res r e ­
lea sed b y th e c o m p a n y .
*

*

*

Floyd L. Dwight, v ic e p re s id e n t and
tru st officer o f F ir s t N a tion a l B a n k o f
M in n ea p olis, w a s e le cte d p re s id e n t o f
th e C o rp o ra te F id u c ia r y A s s o c ia tio n
o f M in n esota at th e g r o u p ’s a n n u a l
m e e tin g in th e M in n e a p o lis A th le tic
C lub.
O th er officers n a m ed w e r e Arthur B.
Miller, v ic e p re s id e n t o f N o r th e r n M in ­
n esota N a tion a l B a n k o f D u lu th ; John
Prueter, a ssista n t tru st officer o f M id ­
la n d N a tion a l B a n k o f M in n ea p olis,
an d Glen C. Sawyer, tru st officer o f
M a rq u ette N a tion a l B a n k o f M in n ea p ­
olis, v ic e p resid en ts; Alex J. Kraemer,
assista n t v ic e p re s id e n t o f N o r th w e s t­
ern N a tion a l B a n k o f M in n ea p olis,
secre ta ry -tre a su re r, an d Harold C. Soderman, se cre ta ry -tre a su re r o f F ir s t
T ru s t C o m p a n y o f St. P aul, ch a irm a n
o f th e e x e c u tiv e co m m itte e .
*

*

The season for placement in cattle
feeding is with us now. Our facili­
ties available to give you prompt at­
tention on loans creating “ Overlines”
or “ Excessive volume.” Our experi­
ence and method of handling can be
helpful; therefore we would welcome
the opportunity of working with you.

Stock Yards National Bank

Royal E. AVells, a ssista n t ca sh ie r o f
th e N o r th w e s te r n N a tio n a l B a n k o f
M in n ea p olis, w a s e le cte d v ic e p r e s i­
d en t o f th e M in n eap olis-S t. P a u l C hap­
te r o f th e N a tio n a l O ffice M a n a g em en t
A s s o c ia tio n at a r e c e n t s p e cia l e le c tio n
o f th e a s s o c ia tio n ’s b o a r d o f d ire cto rs.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

of South St. Paul
SOUTH ST. PAU L, M INNESOTA
MEMBER

FEDERAL DEPOSIT

IN S U R A N C E

C O R P O R A T IO N

Northwestern Banker, November, 1955

66

Minnesota News

A c c o r d in g to plan s a n n o u n ce d jo in t ­
ly b y J. F. Rlngland, p re sid e n t o f
N o rth w e s te rn N a tion a l B ank, an d K.
G. Iverson, p re sid e n t o f D o n a ld s o n ’s,
c o n s tru ctio n is u n d e r w a y on a 314-foot
tu n n el to c o n n e c t D o n a ld s o n ’s p a r k ­
in g ra m p and th e b a n k b u ild in g.
T h e tu n n el w ill ru n u n d e r M ar­
q u ette A v e n u e fr o m th e ra m p and en d
at a n e w e sca la to r w h ic h w ill ca r r y
u sers u p to th e ce n te r o f th e ba n k
b u ild in g ’s g ro u n d floor lo b b y n ear
D o n a ld s o n ’s M a rq u ette en tra n ce.
*

b lo c k b o u n d e d b y F ifth an d S ixth
S treets, M a rq u ette and S econ d A v e ­
nues, e x c e p t fo r th e R a n d T o w e r,
T h o r p e B u ild in g and th e F ir s t Nation a l-S oo L in e B u ild in g .
It w ill be th e la rg est b a n k b u ild ­
in g p r o je c t in th e u p p e r m id w e s t in
n e a rly a q u a rter ce n tu ry . T h e b a n k
h op es to h a v e th e b u ild in g w e ll a lo n g
to w a rd c o m p le tio n w h e n it ce leb ra tes
its 100th a n n iv e r s a r y in 1957.— $$

Elect Springfield President

*

F irst N ation al B ank, M in n ea p olis,
has a n n o u n ce d th e c o m p le te d a r ch i­
te ctu ra l “ lin e-u p ” fo r its n e w m u lti­
m illio n d o lla r b u ild in g to b e erected in
d o w n to w n M in n ea p olis.

W a y n e G. P o tte r w a s ele cte d p r e s i­
d en t o f th e State B a n k o f S p rin gfield ,
M in n esota , to s u cce e d th e late A le x
S e ife rt at a b oard o f d ir e c t o r s ’ m e e t­
in g h eld last m o n th at th e ban k.

P resid en t Gordon Murray d isclo se d
th at T h o r s h o v & C ern y, In c., M in n e­
a p olis a rch ite cts, w ill be tea m ed w ith
H o la b ird and R o o t and B u rg ee, in te r­
n a tio n a lly -k n o w n C h ica g o a r c h ite c tu r ­
al firm . T h is C h ica g o firm has b een
w o r k in g sev e ra l y e a rs w ith th e b a n k
in a stu d y o f its b u ild in g r e q u ir e ­
m en ts.
W h e n co m p le te d , F irst N a tio n a l’s
n e w b u ild in g w ill o c c u p y all o f the

S u c c e e d in g Mr. P o tte r as v ic e p re s i­
d en t is W a lte r M. Ochs.
G eorg e S w a rd w a s a p p o in te d as a
d ir e c to r to s e rv e ou t th e u n e x p ire d
te rm o f th e late A le x S eifert.

Duluth Motor Bank
C on stru ction o f D u lu th ’s first m o to r
b a n k h as b e g u n at th e D u lu th N a­
tion a l B ank.
P resid en t Ju lian Hagb e r g estim a tes co s t at $10,000.
A
c le r k ’s w in d o w , a ca n o p y an d d r iv e ­
w a y w ill b e in sta lled at th e sou th ea st
c o r n e r o f th e b a n k ju s t a b o v e M ich i­
gan S treet on 20th A v e n u e W e st. M o­
torists w ill d r iv e in fr o m M ich iga n
S treet, stop at th e w in d o w an d ex it
on 20th A v e n u e W est. T h e e n tire p a rk ­
in g lot at th e rea r o f th e b a n k w ill be
b la ck to p p e d , a lo n g w ith w id e n in g and
b la c k to p p in g o f 20th A v e n u e , to a llo w
an in crea se in traffic o v e r th e area.
T h e m o to r b a n k w ill o b s e r v e reg u la r
b a n k in g h ou rs, a c c o r d in g to M r. H agb erg .

Elected Bank Director
A t a re ce n t m e e tin g o f th e b o a rd o f
d ire cto rs o f th e State B a n k o f K erkhoven,

K erk h oven ,
H ou g h

O lson

M in n esota .
of

M in n ea p olis

Racine Bank Closes
T h e R a cin e State B ank, R a cin e, M in ­
n esota , has c lo s e d its d o o rs a fte r ten
and on e -h a lf y e a rs o f op era tion .

w a s e lected a d ir e c to r o f th e b a n k to
su cce e d h er m oth er, th e late M rs. O.
G. H ou gh .

CARL L. FREDRICKSEN
President

W hat’s in a Nam e?

CLIFFORD L. AD A M S
Vice President
W ILLIAM C. SCHENK
Vice President
STANLEY W . EVANS
Vice President
JOHN

S. HAVER
Cashier

JAMES L. SMITH
Asst. Cashier an d Auditor
KINLEY W . SMITH
Asst. Cashier
BEN E. HOLTDORF
A sst. Cashier
R AW S A . JENSEN
Asst. Cashier
M A X TOWNE
Asst. Cashier

Plenty, if the nam e is The Live Stock National Bank,
Sioux City? For the very nam e tells the story of our bank.
It's located in the unique marketing area serving Iowa,
N ebraska, South Dakota and Minnesota — Sioux City,
Iowa. It's located in the heart of the Yards. A nd every­
one know s that just mentioning the bank's nam e will bring
to mind its four cornerstones— honesty, reliability, service
and 60 years of experience in solving livestock and grain
marketing pioblem s. A nd that's w h y w e're proud of our
nam e— The Live Stock National Bank, Sioux City.

R. K. DRAPER
Representative

MEMBER
Northwestern Banker, November, 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Mrs.

M elba

FEDERAL

DEPOSI T

I NS URANCE

CORPORATI ON

67

Honored on 70th Year
A B e lv id e r e b a n k er, k n o w n th r o u g h ­
ou t th e B e lv id e r e area fo r p r o je c ts
b en eficia l to th e c o m m u n ity , w a s h o n ­
o re d re c e n tly on h is 70th b irth d a y .
R esid en ts fe te d L e o n a rd A. P ier d u r ­
in g a sp ecia l p r o g r a m at th e c ity a u d i­
to r iu m w h ich c o m m e m o r a te d n ot o n ly
h is b ir th d a y b u t n e a r ly a h a lf ce n tu r y
o f s e rv ice w ith the B e lv id e re State
B an k o f w h ic h h e is presid en t.

S o u th D a k o t a

NEW S
CURTIS B. MATEER
CARL E. BAHMEIER. JR.

President
Secretary

Pierre
Huron

2-Day Open House

iwvoup O fficers Numeri
A T T E N D A N C E re c o r d s fo r G rou p s
I. 11, IV an d V , S ou th D akota,
w e r e esta b lish e d d u r in g last m o n th ’s
m o st s u c c e s s fu l fall g ro u p m eetin g s.
N ot o n ly w e r e n e w h ig h s r e co rd e d fo r
tota l re g istra tio n s
fo r
th ese
fo u r
g ro u p s, b u t m o re m e m b e r b a n k s w e r e
re p r e s e n te d at th e m e e tin g th a n in
past yea rs.
T h e fo llo w in g w e r e ele cte d g ro u p
officers:

F ir s t N a tion a l B a n k in P h ilip , P h ilip ;
se creta ry -trea su rer, P h illip Z a strow ,
assista n t ca sh ier. R a p id C ity N ation al
B an k , R a p id C ity, an d e x e c u tiv e c o u n ­
cilm a n . R a lp h M attson, v ic e p resid en t
and m an a ger, H ot S p rin g s B ra n ch ,
F ir s t N ation al B a n k o f th e B la ck
H ills. (S u cce e d s F re d C h riste n so n im ­
m ed ia tely . Mr. C h risten son h ad p r e ­
v io u sly r e s ig n e d .)— $$

Group I— P resid en t, A. E. D iefen d o rf, v ic e p resid en t, F a r m e r s State
B ank. Iren e; v ic e p resid en t, V e rn e r
B erg, v ic e p resid en t, P a rk er State
B a n k , P a r k e r ; se creta ry -trea su rer,
B o y d K n o x , v ic e p resid en t, M cC ook
C o u n ty N a tion a l B an k , S alem , and e x ­
e c u tiv e c o u n c ilm a n , O scar B u rk e, p re s ­
iden t, E x c h a n g e B a n k o f L e n n o s (to
s u cce e d L. A. H o lle n b e ck , in 1956).

Named State Superintendent

j\

Group II — P resid en t, C. L. K o ch ,
v ic e p re sid e n t an d m a n a g er, B ritton
B ra n ch , F ir s t N a tion a l B a n k o f A b e r ­
deen ; v ic e p resid en t, A r th u r ,1. P e te r ­
son , ca sh ier, D eu ell C ou n ty N ation al
B an k ; s e cre ta ry -tre a su re r, N eal J a c o b ­
son , assista n t ca sh ier, B ry a n t State
B a n k . B ry a n t, and e x e c u tiv e c o u n c il­
m an , T o m L a w , ca sh ier, G a ry State
B ank, G a ry (to su cce e d L. A. J a co b so n
in 1956).
Group III— P resid en t, G e o rg e G oodell, v ic e p re sid e n t and m a n a g er, H u ro n
B ra n ch . N a tion a l B a n k o f S ou th D a ­
k ota; v ic e p resid en t, V e r n B orm a n n ,
v ic e p resid en t, F a rm e rs State B ank,
P a rk ston ; secre ta ry -tre a su re r, G len n
R itte r b u s c h , a g ricu ltu ra l r e p r e s e n ta ­
tiv e, C o m m e rcia l T ru s t & S a vin gs
B a n k , M itch ell, and e x e c u tiv e c o u n c il­
m an, R a lp h P ier, v ic e p resid en t, C o m ­
m u n ity B ank, A v o n (to s u c c e e d K e n ­
n e th K la tt in 1956).
Group IV— P resid en t, Stan L arsen ,
assistan t v ic e p re sid e n t and a ssistan t
m a n a g er, M o b rid g e B ra n ch , F ir s t N a ­
tion a l B a n k o f A b e rd e e n ; v ic e p r e s i­
den t, C ecil S tilg eb ou er, p resid en t, P o t­
te r C o u n ty B ank, G etty sb u rg , and
s e cre ta ry -tre a su re r, J. D ale L esh er,
ca sh ier, C itizen s B a n k o f M ob rid g e,
M ob rid g e.
Group V — P resid en t, W a y n e L a n g ,
ca sh ier. F a rm e rs State B ank, F a ith ;
v ic e p resid en t, S cott L o v a ld , ca sh ier,

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Federal Reserve Bank of St. Louis

G.

m axam

G o rd o n H. M axam , 51, ch a irm a n
o f th e b oa rd , C o m ­
m unity State
B an k , L a k e P r e s ­
ton, S o u t h D a­
kota, has b e e n ap­
p o in te d state su ­
p e r i n t e n d e n t of
banks b y G over­
n o r J oe F oss. M r.
M axam s u c c e e d s
R 0 y F e n n e r, w h o

T en th ou sa n d p e o p le v is ite d F irst
C itizen s N a tion a l B ank, W a te r to w n .
S ou th D akota, d u r in g th e b a n k ’s r e ­
cen t tw o-d a y op en h ou se, a c c o r d in g to
C. H. L o ck h a rt, presid en t.
T h e op en h ou se m a rk ed th e b a n k ’s
75th a n n iv ersa ry .
H o n o re d g u est w as M rs. L y d ia
C h a m b ers, 88. M rs. C h a m b ers w as
p resen t w h e n th e b a n k first op e n e d its
d o o rs in 1880. V is itin g b a n k ers and
W a te r to w n b u sin e ssm e n w e r e h osted
at a sp ecia l op en h ou se and d in n e r
at th e C o u n try Club.

resig n ed r e ce n tly .

Modernizing Volga Bank
T h e fr o n t o f th e F irst N a tion a l B ank
b u ild in g , V olg a , S ou th D akota, is u n ­
d e r g o in g a “ fa c e -liftin g .”

20 Scholarships Already
A p p r o x im a te ly 20 S o u t h D a k o t a
fa rm y o u th s are a tten d in g the s c h o o l
o f a g ricu ltu re at S ou th D a k ota State
co lle g e th is fa ll on s ch o la rsh ip s p r o ­
v id e d b y in d iv id u a l b a n k s and s p o n ­
sored b y th e S ou th D a k ota B a n k ers
A s s o cia tio n .
T h e s ch o la rs h ip s a p p ly to th e tw oy e a r v o c a tio n a l an d lea d ersh ip tra in ­
in g p ro g ra m o ffered b y th e s c h o o l o f
a g ricu ltu re an d n o t to th e fo u r-y e a r
d e g re e c o u r s e in th e c o lle g ia te d iv is io n
o f a g ricu ltu re.

Appointed Manager
T h e a p p o in tm e n t o f J o h n D. D u la n y
as m a n a g e r o f th e T im e-p a y co n s u m e r
fin a n ce d e p a rtm e n t o f th e A b e r d e e n
N a tion a l B an k , A b e rd e e n , S ou th D a ­
kota.

C. H. LOCKHART, president, gives the
drum a final whirl before the drawing
which climaxed the recent two-day open
house at First Citizens National Bank,
Watertown.
T h e officers o f th e b a n k at p resen t
are M r. L o ck h a rt, p resid en t; J oh n S.
H olen and R o b e r t H. W a lra th , v ic e
p resid en ts; N. L. L in d ca sh ier; M. L.
S olb erg , L. H. K a rb o, R. F. N u gen t,
and E. W . S w en son , assistan t ca sh iers,
and B u rd ette S olu m , a g ricu ltu ra l r e p ­
resen ta tiv e.
A s o f Ju n e 30, th e d ep osits o f T h e
F ir s t C itizen s N a tion a l B an k w e r e in
e x ce s s o f $10 m illio n w ith a ca p ita l and
su rp lu s fu n d o f $500,000, an u n d iv id e d
p rofit a n d r e s e r v e a c c o u n t o v e r
$250,000 and tota l re s o u r c e s an d lia b ili­
ties o f $11,172,173.
Northwestern Banker, November, 1955

68

South Dakota News

F a rm F ro h lem s Ifiseu ssed ut
M itc h e ll F e e d L e ! C on feren ce

J. M. PATTON, left, president, M itchell National Bank; A. Kenneth Smith, Mitchell
farmer; and Dr. Leslie Johnson, right, seem optimistic about the cattle situation. Mr.
Johnson, head o f the animal husbandry department, Iowa State College, discussed beef
cattle at the second annual Peed Lot Conference recently at Mitchell, South Dakota.

HREE h u n d red sou th ea stern
J.
M. P atton , p re sid e n t o f M itch ell
S ou th D a k ota ca ttlem en , in th e
N a tion a l, a n d th e b a n k ’s fa rm r e p r e ­
m id st o f on e o f th e sta te’s se v e re st
sen ta tiv e, V ir g il M a th ew s, con g ra tu d ro u th areas, h ea rd th re e w e ll-k n o w n
u a ted th e o v e r flo w c r o w d o n th eir in ­
a u th o ritie s d iscu ss th e ir situ a tion at
te re st and e n th u s ia sm in im p r o v in g
th e r e c e n t se c o n d an n u a l F e e d L o t
th e e fficie n cy and p rofit o f ca ttle o p e r ­
C o n fe re n ce , M itch ell, S ou th D akota.
a tion s.— $$

T

T h e c o n fe r e n c e , s p o n s o r e d b y M itch ­
ell N a tion a l B an k , ca m e at a tim e
w h e n ov e rh e a d , p r ic e s an d d rou th
m ad e liv e s to c k o p e ra to rs p a y clo s e at­
te n tio n to th e th re e liv e s to c k “ e x ­
p e r ts .”

Income Increase
Dr. E p h r ia m H ix o n , c h ie f a d m in is­
tra tiv e officer o f S ou th D a k ota State
c o lle g e ’s d iv is io n o f a g ricu ltu re stated
th a t “ in c o m e m ig h t in cre a se fr o m 500
m illio n d olla rs to 800 m illio n d olla rs
if th e rig h t steps are ta k en ; m o re
tra in in g fo r p e o p le in a g ricu ltu re ;
m o re re se a rch to s o lv e th e p ro b le m s
b e in g fa c e d .”
H e p o in te d ou t in d u s tr y as a w h o le
sp en d s 5 p er ce n t o f sales on re s e a rch
w h ile a g ricu ltu re sp en d s less th an
on e -h a lf o f on e p e r cen t.
Dr. L e slie E. J o h n s o n , h ea d o f th e
a n im a l h u s b a n d ry d e p a rtm e n t o f Io w a
S tate colle g e , re m in d e d ca ttle m e n that:
“ m ea ts co m p e te , an d th at b e e f ca ttle
im p r o v e m e n t has la g g ed b e h in d m ost
o th e r m eats, e s p e c ia lly p o u ltr y and
h o g s .” H e ca lled fo r m o re re s e a rch and
a m o re b u sin ess-lik e m a n a g e m e n t o f
b e e f ca ttle raisin g.

Named Vice President
W a lte r K. J o h n s o n , v ic e p re sid e n t
an d ca sh ie r o f th e F a rm e rs State
B a n k o f E ste llin e , S ou th D akota, has
b een a p p o in te d v ic e p re s id e n t o f th e
A m e r ic a n B a n k ers A s s o c ia tio n fo r th e
state o f S ou th D akota, it has b e e n a n ­
n o u n c e d b y F r e d F. F lo r e n c e , n e w ly
ele cte d p re sid e n t o f th e a soscia tion

an d p re sid e n t o f th e R e p u b lic N a tion ­
al B a n k o f D allas, T exas.

“ Advertising Fastest Growing”
C arl B a h m eier, H u ron , e x e c u tiv e s e c ­
r e ta r y o f th e S ou th D a k ota B a n k ers
A s s o cia tio n , s p e a k in g b e fo r e th e fa ll
q u a r te r ly m e e tin g o f th e M itch ell
C h a m b er o f C o m m e rce at th e M a son ic
T e m p le , M itch ell, S ou th D ak ota, d e ­
cla red , “ S e llin g is th e fa stest m o v in g
b u sin ess in th e w o r ld to d a y — a d v e rtis ­
in g is th e fa ste st g r o w in g .”
S p ea k in g o n th e s u b je c t “ S ellin g
Y o u rs e lf, Y o u r F ir m an d Y o u r C ity ”
b e fo r e n e a r ly 300 b u s in e s s m e n and
th e ir e m p lo y e e s , M r. B a h m e ie r o u t­
lin ed fo u r “ ca rd in a l ru les o f s e llin g .”
T h e s e in clu d e d : 1. B e lie v e in y o u r
p ro d u ct. 2. B e fired w ith en th u sia sm .
3. U se m o d e r n sales te ch n iq u e s.
4.
B e fr ie n d ly .

Cashier Resigns
D allas F r e e d re s ig n e d as ca sh ier at
th e F a rm e rs State B a n k at C arth age,
S ou th D akota, an d has sold his s to c k
to D ale M orsta d , a ssista n t ca sh ier,
a n d W illa r d H en d en , w h o jo in e d th e
b a n k p e r s o n n e l last m on th .

Land Judging Contest
M ore th a n 300 c o n te sta n ts m a tch ed
sk ills in th e s e c o n d an n u a l L a n d J u d g ­
in g co n te s t h e ld last m o n th at M itch ell,
S ou th D akota.
M itch e ll N a tio n a l B ank, w h ic h in tr o ­
d u ce d th e c o n te s t last y ea r, again
s p o n s o r e d th e e v e n t in c o o p e ra tio n
w ith state an d lo ca l a g ricu ltu ra l and
co n s e r v a tio n a g en cies.

K een In te r e s t
Iliat
A r e n 's F irst M a r k e t IK fff Show

H E first m a rk e t h o g s h o w a n d
h ib its w e r e w o n b y 4-H b o y s — W a y n e
d e m o n s tra tio n e v e r h eld in th e
K lu n d t o f H e rrick , and K la rk K e h n o f
R o s e b u d area o f S ou th D a k ota w a s p u St.
t
C harles. W a y n e a lso w o n th ird
o n last m o n th b y th e B u rk e State
p la ce o n p e n o f th ree.
B a n k , in B u rk e, S ou th D ak ota, in c o ­
F o llo w in g th e s h o w th e h og s w e re
o p e r a tio n w ith th e G r e g o r y C ou n ty
sen t to th e H o r m e l p la n t at M itch ell,
L iv e s to c k I m p r o v e m e n t A s s o c i a t i o n
sla u g h tered an d p a id fo r on a gra d e
an d th e c o u n t y e x te n s io n agen t. T h e
basis. A d e le g a tio n fr o m the c o u n t y
p u rp o s e o f th e s h o w w a s to d e m o n ­
d r o v e to M itch e ll to v ie w th e ca rca sses
strate th e a p p r o v e d m a rk e t ty p e o f
a n d g o th ro u g h th e plant. A d e m o n ­
h o g s th u s e n c o u r a g in g g r o w e r s to
stra tion o f N o. 1 an d N o. 3 ca rca sses
w o r k to w a r d th is goal.
w a s p u t o n fo r th e d e le g a tio n an d it is
Record Crops
F ift e e n p en s o f th re e w e r e e n te re d
sa fe to sa y th at a fte r fo llo w in g th ese
H.
G. E. F ick , a ssista n t m a n a g e r o f an d ca sh p riz e s w e r e o ffe re d b y th e
h o g s fr o m “ h o o f to h o o k ” th e d e le g a ­
b a n k fo r th e five to p p en s and th e five
th e field d iv isio n , D o a n e ’s A g r ic u ltu r a l
tio n ca m e a w a y im p re sse d w ith the
to p in d iv id u a ls. In a d d itio n to th e
S erv ice, St. L o u is, w a s a lso op tim istic,
n e e d to p r o d u c e to p m ea t ty p e q u a lity
ca sh p rizes, r ib b o n s w e r e d o n a te d b y
p o in tin g o u t th at r e c o r d cr o p s are p r o ­
h og s.
th e L iv e s to c k Im p r o v e m e n t A s s o c ia ­
v id in g a g o o d fe e d su p p ly , m a k in g
C arl B. A a m o d t, fa r m s e r v ic e d i­
tion . V a r io u s m e rch a n ts d o n a te d d o o r
som e fe e d p r ic e s lo w e r, an d th a t th e
r e c to r o f th e B u rk e ban k , a n d C ou n ty
p rizes.
g e n e ra l g o o d b u sin e ss o u tlo o k , w ith
A g e n t R a y R e z e k w e r e in ch a rg e o f
It is in te re s tin g to n o te th at first
h ig h n a tio n a l sp en d in g , is e n c o u r a g in g
th e sh ow .
an d se c o n d p la ce in th e in d iv id u a l exfo r th e ca ttle b u sin ess.
Northwest ern Banker, November, 1955


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Federal Reserve Bank of St. Louis

T

69

fo r F ie ld W a r e h o u sin g ...

..a n d B e S u r e I
L

oan

o f f ic e r s

everywhere consider a Lawrence Field Warehouse

Receipt as much a synonym for “ security” as a Certified Check. I hey
know that $1,000,000 in legal liability and fidelity bonds — in each o f
more than 2500 Lawrence Field Warehouse locations

are back of every

Lawrence receipt.
And these hank officers like the way Lawrence does business. The
Lawrence IBM Com m odity Collateral Report, for example, is electron­
ically com piled to keep loan officers always inform ed on current inven­
tory values. It also reduces the cost of servicing loans.
S p ecify L a w ren ce — and be SU R E !

LAWRENCE ON WAREHOUSE RECEIPTS

/T awrenceN
V System )

. . . IS LIKE CERTIFIED ON CHECKS

Ia w r e n c e W aeÆHOu s e Co m p a n y


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Federal Reserve Bank of St. Louis

N A TIO N W ID E

FIELD

W A R E H O U S I N G ----------------------- ----------

37 Drumm Street, San Francisco, California
100 N . L a Salle Street, Chicago 2, 111.
OFFICES

IN

•

79 Wall Street, New York 5, N .Y .

PRINCIPAL

CITIES

N orthw estern Banker, November, 1955

TO

South Dakota News

H is 1i a fiil isti ed Sioux Fulls V isitors

But why M EN over 4 5 ?
Our doctors still don’t know
why, but if you are a man
over 45 you are six times as
likely to develop lung cancer
as a man o f your age twenty
yea rs ago. T h ey do know,
however, that their chances
o f saving your life could be
about ten times greater if
they could only detect can­
cer long before you yourself
notice any symptom. (Only
1 in every 20 lung cancers is
being cured today, largely
because most cases progress
too far before detected.)
That’s why we urge that you
make a habit o f having your
ch est X -r a y e d every six
months, no matter how well
you may feel. The alarming
increase o f lung cancer in
men over 45 more than jus­
tifies such precautions. Far
too m any men die n eed ­
lessly!
Our new film “ The W arning
Shadow” will tell you what
every man sh ould kno..
about lung cancer. To find
where and when you can see
this film, and to get life­
sa v in g fa c ts abou t oth er
forms of cancer, phone the
A m erica n C an cer S ociety
office nearest you or simply
write to “ Cancer” —in care
of your local Post Office.

American
Cancer
Society

Northwest ern Banker. November, 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

DISTINGUISHED VISITORS at the recent United Nations Flower Show in the lobby
of the Northwest Security National Bank, Sioux Falls, visited with bank officers.
L eft to right, are: J. V irgil Lowe, president, Northwest Security National Bank; Henry
Cabot Lodge, Jr., United States Ambassador to United Nations; Mrs. Howard Crandall,
chairman of the Sioux Falls United Nations Day committee; Joe Foss, governor, South
Dakota; and Fay Wheeldon, mayor of Sioux Falls.
T h e National Bank of South Dakota
IF T H a n n u al liv e s to c k r o u n d u p
r e c e n tly p u rch a se d $10,000 w o r th o f
s p o n so re d b y th e N o r th w e s t S e cu r­
ity N a tion a l B an k w a s atten d ed b y 150b o n d s fr o m the c ity o f S ou th S iou x
F alls. In te re st rate on the b o n d issue
c o r r e s p o n d e n t b a n k ers, liv e s to c k c o m ­
is 2 p er cent. T h ese b o n d s w e re floated
m issio n m e n an d p a ck in g h ou s e r e p ­
to fin an ce th e g r a d in g and r e s u rfa cin g
resen ta tiv es. A s cu s to m a ry , c o n v e r ­
o f 41st street b e tw e e n M in n esota a v e­
sation c e n te re d u p o n th e fe e d in g and
n u e and the c it y lim its. T h e im p r o v e ­
m a r k e tin g o f liv e s to c k as w e ll as u p o n
m en t p ro g ra m is a lrea d y in p rog ress.
th e g en era l liv e s to c k o u tlook .
=i= * *
.). V. Lowe, p re sid e n t o f th e ban k,
F red H . H ollister, 90, p ro m in e n t in
e x te n d e d g reetin g s, a fter w h ic h talks
S io u x F a lls b a n k in g c ir c le s fo r m ore
w e r e d e liv e r e d b y Dr. O. B. Jesness,
th an 60 yea rs, d ied at his h o m e last
h ea d o f th e a g ricu ltu ra l e c o n o m ic s d e­
m o n th a fter a y e a r ’s illn ess. Mr. H o l­
p a rtm e n t at the U n iv e r s ity o f M in n e ­
lister w a s on e o f th e in c o r p o r a to r s o f
sota; Dr. Max Meyers, h ead o f th e a g ri­
the b a n k w h ich e v e n tu a lly b e ca m e the
cu ltu ra l and e c o n o m ic s d iv is io n o f
N o rth w e s t S e cu rity N a tion a l B an k o f
S ou th D ak ota State C olleg e; Ed Daley,
S io u x F alls, S ou th D a k ota ’s largest
State C olleg e e x te n s io n m a rk e tin g s p e ­
ban k.
cialist; Lyle Bender, State C olleg e e x ­
H e se rv e d as p re sid e n t o f the ban k
te n sio n fa rm m a n a g e m e n t sp ecia list;
Frank Ferguson, A rtesia n , S ou th D a­ fr o m 1936 u n til 1941 and as ch a irm a n
o f th e b oa rd fr o m 1936 u n til he w as
kota, a ca ttle fe e d e r and state sen ator,
ele cte d h o n o r a r y ch a irm a n in A u g u st
a n d John M. Lewis, p re sid e n t o f th e
o f 1954.
S io u x F a lls S tock y a rd s.
Mr. H ollis ter, to g e th e r w ith his late
T h e talks w e r e p re se n te d in the
b ro th e r, W illia m C. H ollister, and
b a n k lo b b y . Les Harding, s e cre ta ry o f
J am es B. C lark, in c o r p o r a te d the State
the S io u x F a lls S to c k m e n ’s E x c h a n g e ,
B a n k in g and T ru s t C o m p a n y on J u ly
w as m o d e ra to r. T h e p ro g ra m w a s fo l­
3, 1890, w ith ca p ita l sto ck o f $50,000.
lo w e d b y a socia l h o u r and b e e f d in ­
* * *
ner.
President Curtis B. Mateer, S ou th
* * *
D a k ota B a n k ers A s s o c i a t i o n , an­
W. J. Heimerman, v ic e p re sid e n t o f
n o u n c e d th e a d d ition o f tw o com m ittee
the N o r th w e s t S e cu rity N a tion a l B ank,
m em b ers, r e p la c in g b a n k ers w h o h ave
se rv e d on a d iscu ssio n p a n el at a re ­
left th e state. Frank E. Duffy, cashier,
c e n t m e e tin g o f th e S ou th ea stern D is­
U n ion S a v in g s B ank, S io u x F alls, w ill
trict o f th e N A B A C at M itch ell. S u b ­
s e rv e on th e in d u stria l co m m itte e , re ­
je c t d iscu sse d on th is p a n el w a s cre d it
p la cin g Tony Westra, an d E. J. Stohr,
in fo r m a tio n and cr e d it files.
ca sh ier, F ir s t State B ank, C la rem on t,
Martin J. Colton, v ic e p re sid e n t o f
re p la ce s John Hoven on the p u b lic re ­
o f th e N a tion a l B a n k o f S ou th D akota,
la tion s c o m m itte e .— $$
d iscu ssed a u d itin g p r a ctice and p r o ­
ced u re.
Retires at 72
* =)= =(=
M o lly L ee, 72, w a s h o n o r e d at a
d in n e r r e c e n tly m a r k in g h er r e tire ­
S io u x F a lls bank clearings co n tin u e
m en t at th e F ir s t N a tion a l B a n k in
to s h o w a h e a lth y gain. T h e y in crea sed
P ierre, S ou th D akota. She has been
fr o m $25,552,636 in S ep tem b er, 1954 to
a s te n o g ra p h e r an d b o o k k e e p e r . She
$35,795,019 in S ep tem b er, 1955. T h e
w e n t to P ie rre fr o m Ir o q u o is in 1907.
raise a m o u n te d to 40 p er cen t.

F

71

Moves Into Banking
B ern a rd H alle, fo r m e r b o o k k e e p e r
at a D ev ils L a k e g a ra g e has a ccep ted
a p o sitio n at th e F irst J am es R iv e r
N a tion a l B ank, J a m e sto w n , N orth D a ­
kota.

X o r tii lla k o lu

NEW S
LEE M. STENEHJEM
C.

C. WATTAM

President
Secretary

Carl E. Fodness

Watford City
Fargo

X . O u k ota iiroa p O fficers N a m ed

Carl E. F o d n e ss, p re sid e n t o f the
F a rm e rs and M erch a n ts B ank, W im ­
b led on , N orth D akota, d ied last m on th
at a J a m e sto w n h o sp ita l w h e r e he had
b een a p a tien t fo r th re e days. Mr.
F o d n e s s w a s b o r n in M in n eota, M in ­
n esota, in 1887 an d m o v e d to D akota
te r r ito r y w h e n o n ly 2% y e a rs old.

Southeast Group— P resid en t, C alvin
E A U T I F U L fa ll w e a th e r b r o u g h t
C. L eh r, v ic e p resid en t, F irs t State
a la rg e a tten d a n ce at each o f th e
N o rth D a k ota b a n k e r g r o u p m eetin g s,B ank, G ack le; v ic e p resid en t, F re d O.
H ea ly, ca sh ier, L in c o ln State B ank,
w ith in te re s tin g d is cu s s io n s and talks
Elected President
H a n k in son ; se cre ta ry , M agn e M ickelh ig h lig h tin g th e p rog ra m s.
J. L a rim o re , Jr., has b een elected
son, v ic e p resid en t, A m e r ic a n N a tion a l
L ee S ten eh jem , p re sid e n t o f th e
to th e p o s itio n o f p re sid e n t o f the E lk
B ank, V a lle y C ity. State n o m in a tin g
N orth D ak ota B a n k ers A sso cia tio n ,
V a lle y State B an k o f L a rim o re , N orth
co m m itte e , R. G. B u rg ess, ca sh ier, S e­
o u tlin e d th e p ro g ra m fo r th e c o m in g
D akota. T h e o p e n in g w a s th e resu lt
c u r ity N a tion a l B ank, E d g e le y ; state
y e a r, w h ile V ic e P re sid e n t A d ria n Mco f th e d eath o f H an s N ielsen .
L ella n d iscu sse d b a n k h old u p s. J oh n
e x e c u tiv e c o u n c il, H. M. S oren son ,
L.
H. B ra n d o n has b een a p p o in te d
K. G rogan , assista n t v ic e p re sid e n t o f
v ice p re sid e n t an d ca sh ier, N a tion a l
as d ir e c to r o f th e b a n k to fill the v a ­
B an k in W a h p e to n .
th e F ir s t N a tion a l B an k , M in n ea p olis,
c a n c y left b y Mr. L a rim o re . C. E rb ele
o u tlin e d
p ro ce d u re s
fo r
o b ta in in g
D u rin g th e trip th e g ro u p a lso en ­
w ill c o n tin u e to h old the p o sitio n o f
lo a n s fr o m th e S m all B u sin ess A d m in ­
jo y e d a lu n ch e o n g iv e n b y the past
v ic e p resid en t, ca sh ie r an d d irector.
istra tion .
p re sid e n t o f th e a ssocia tion , C. O.
C on sid era b le d is cu s s io n w a s b r o u g h t
M r. N ielsen w a s b o rn in D en m a rk
T h o m p so n , ca sh ier, F irs t S ecu rity
a b o u t b y th e co n s u m e r cre d it pan el
in
1870, ca m e to M in n esota in 1889
B ank, U n d e rw o o d , a n d his w ife . Mr.
an d th e w o r k o f th e A m e r ic a n In s ti­
and su b s e q u e n tly m o v e d to L a rim o re
T h o m p s o n a lso a rra n g ed fo r a p e r ­
tu te o f B a n k in g in N orth D ak ota w a s
in 1900. H e w as m a n a g er o f P ills b u ry
s o n a lly co n d u c te d to u r o f th e G a rri­
d iscu ssed .
F lo u r M ills and an e le v a to r in L a r i­
son D am p r o je c t .— $$
O fficers
ele cte d
by
th e v a rio u s
m o re b e fo r e b e in g n a m ed b a n k p re si­
g r o u p s a p p ea r b e lo w :
dent.
Southwest Group — P resid en t, A r ­ Sells Bank Stock
A.
P. H a n son , L itc h v ille State B ank,
th u r H a gen , ca sh ier, N a tion a l B ank,
24th Annual Award
L itc h v ille , N orth D akota, last m o n th
M an dan; v ic e p resid en t, S. A . S h u lson ,
F re d A. Irish, ch a irm a n o f th e a g ri­
sold his b a n k s to c k to C. J. H aarsager,
ca sh ier, F a r m e r s State B ank, E lg in ;
cu
ltu ra l c o m m itte e o f th e N orth D a­
ca
sh
ier,
and
retired
as
a
d
ire
cto
r.
T
h
e
s e cre ta ry , W . E. S u m m er, ca sh ier,
k ota B a n k ers A s s o cia tio n , and h o n o r ­
b oa rd o f d ir e c to r s th en e lected D en n is
F ir s t N a tion a l B ank, D ick in so n . State
a ry b on d ch a irm a n o f th e F irst N a­
V. A n d e r s o n to fill th e v a ca n cy .
n o m in a tin g c o m m itte e , H a r r y W .
tion a l B a n k and T ru s t C om p a n y ,
G eorg e, p resid en t, B a n k o f S teele,
Mr. H a n s o n ’s resig n a tion b r o u g h t to
F a rg o , has b e e n n otified th at fo r the
state e x e c u tiv e , co u n c il, E a rl W e y an en d an illu strio u s b a n k in g ca re e r
24th c o n s e c u tiv e y e a r th e state g ro u p
dah l, ca sh ier, T h e U n ion B ank, H allion th e city , c o u n t y and state lev els.
has w o n th e 1,000-point a w a rd o f the
day.
H e had b e e n en g a g ed in b a n k in g sin ce
A m e r ic a n B a n k ers A sso cia tio n .
Northwest Group— P resid en t, F. E.
1902 and se rv e d in th e N orth D akota
S tew art, ca sh ier, F ir s t N a tion a l B ank,
H ou se o f R e p re s e n ta tiv e s fo r th ree
W . G. B row n , d ir e c to r o f th e a g ri­
W illis to n ; v ic e p resid en t, Ja m es H.
term s, on e o f w h ic h w a s his term as
c u ltu ra l c o m m is s io n o f th e A m e rica n
M u nn , ca sh ier, P e o p le s State B ank,
S p ea k er o f th e H ou se.
B an k ers A s s o cia tio n , in fo r m e d Mr.
W e s th o p e ; se cre ta ry , M orris N elson ,
Irish th at th e a w a rd had b een g ra n ted
ca sh ier, L ib e r ty State B ank, P o w e r s
to th e N orth D ak ota A s s o cia tio n again
Holds Open House
L a k e.
State n o m in a tin g com m itte e ,
“ fo r c o n s tr u c tiv e w o r k o f y o u r a g ri­
A t th e op e n h ou s e last m on th at
O. C. A n d e rs o n , e x e c u tiv e v ic e p r e s i­
cu ltu ra l c o m m itte e .” T h e state g ro u p
th e F a rm e rs and M erch a n ts N a tion a l
d en t, T h e B a n k o f T iog a , T iog a ; state
s c o r e d 1,525 poin ts.
B a n k o f H atton , N orth D akota, fre e
e x e c u tiv e co u n c il, Ja m es A. M offatt,
lu n ch tick e ts w e r e p resen ted to all
p resid en t, M erch a n ts B ank, R u g b y .
a d u lt v isito rs, as w e ll as s o u v e n irs fo r
A.I.B. Chapters Merge
Northeast Group — P resid en t, C. H.
m en an d w o m e n an d ca n d y fo r th e
T h e F a r g o ch a p te r o f th e A m e r ic a n
E rb ele, ca sh ier, E lk V a lle y State
ch ild ren .
In stitu te o f B a n k in g has b een e n ­
B an k , L a rim o re ; v ic e p resid en t, M a­
la rg ed to in clu d e th e tw o M oorh ea d ,
A fre e s h o w in g o f p ictu re s at th e
son H eib erg , F a rm e rs State B ank,
M in n esota , b a n k s an d w ill be k n o w n
State T h ea tre w a s s p o n s o r e d b y the
M in n ew a u k a n ; s e cre ta ry , L. W . A n ­
as th e F a rg o -M o o rh e a d ch a p ter.
ban k. T h e s h o w in clu d e d p ictu re s o f
d erson , a ssista n t v ic e p resid en t, R ed

B

R iv e r N a tion a l B ank, G ran d F o rk s.
State n o m in a tin g co m m itte e , F red
O rth, p resid en t, F ir s t N a tion a l B ank,
G ra n d F o rk s ; state e x e c u tiv e co u n c il,
C. P. A u stin so n , ca sh ier, N o r th w o o d
State B an k , N o r th w o o d .


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Federal Reserve Bank of St. Louis

th e G a rrison D am , soil an d w a te r c o n ­
s e rv a tio n p r o je c ts and a n u m b e r o f
o th e r p o in ts o f in terest in N orth D a­
kota.
T h e op en h ou se w a s in c o m m e m o r a ­
tion o f th e b a n k ’s g old en a n n iv e rsa ry .

C ou rses and in s tr u c to r s fo r th e fall
term are: F u n d a m e n ta ls o f b a n k in g ,
J. H. M cN air, in s tru cto r ; n e g o tia b le in ­
stru m en ts, P e r s h in g B oe, an d a n a ly z­
in g fin a n cia l sta tem en ts, R y a n H a r­
rin g ton .
Northwestern Banker. November. 1955

North Dakota News

72

M r. M cN a ir o f th e F ir s t N a tion a l
B a n k an d T ru s t C o m p a n a y o f F a r g o
is ch a p te r p resid en t.

Midland Stock Increase
T h e M id la n d N a tion a l B an k , B ill­
in gs, M on tan a, has a n n o u n ce d a c o m ­
m on ca p ita l s to c k in cre a se fr o m $300,000 to $750,000, an in crea se o f $450,000.

T h e g ro u p w ill b e h ost to th e N a ­
tion a l C o n fe r e n c e o f th e A m e r ic a n In ­
stitu te o f B a n k in g n e x t J u ly 20 and 21.

100 at Helena Forum
New Bank Building
T o c e le b ra te th e co m p le tio n o f its
d is tin c tiv e th re e -sto ry b a n k in g h o m e
a n d office b u ild in g , w ith a g le a m in g
fa ca d e o f a lu m in u m and glass th at is
a n e w la n d m a rk in G ra n d F o rk s,
N orth D akota, R e d R iv e r N a tion a l
B a n k r e c e n tly h eld a tw o -d a y op en
h ou se.
D on a ld W . W e s tb e e , p resid en t, e x ­
ten d ed a c o r d ia l in v ita tio n to th e
b a n k e rs o f th e u p p e r m id w e s t to in ­
sp e ct th e b e a u tifu l b u ild in g an d to
see th e n e w s treet-lev el b a n k in g and
p a rk in g fa cilities.
T h e R ed R iv e r N a tion a l has r e ­
c e iv e d a p p r o v a l fo r a 60 p er cen t
s to c k d iv id e n d , in c r e a s in g th e b a n k ’s
ca p ita l fr o m $250,000 to $400,000. In
ad d ition , th e b a n k ’s su rp lu s tota l w a s
in cre a se d b y $50,000, w h ic h su m w a s
tra n s fe rre d fr o m u n d iv id e d p rofits.

Install Curb Teller
T h e c u r b teller, a n e w s e r v ic e d e­
sig n e d to p r o v id e fa st c u rb s id e b a n k ­
in g s e r v ic e to d e p o sito rs , w ill so o n
be in o p e ra tio n at th e F ir s t N a tion a l
B ank, B utte, M on tan a, it w a s a n ­
n o u n c e d b y th e b a n k p resid en t, Ir v in g
H. B olith o.
T h e M osler u ltra -m od ern b u lle t­
p r o o f “ S n o r k e l” w ill be op e ra te d d u r ­
in g th e u su a l b a n k in g h ou rs.

A p p r o x im a te ly 100 M on ta n a b a n k ­
ers a tten d ed th e a n n u a l fo r u m r e c e n t­
ly s p o n s o r e d b y th e H elen a b ra n ch
o f th e F e d e ra l R e s e r v e B a n k o f M in ­
n ea p olis, a c c o r d in g to C. W . G roth ,
v ic e p re s id e n t o f th e in stitu tion .

Glasgow Bank to Build
P la n s are in fu ll s w in g fo r c o n s tr u c ­
tio n o f a n e w F a r m e r s -S to c k g r o w e r s
B a n k B u ild in g on lots im m e d ia te ly
w e s t o f th e F e d e r a l B u ild in g in G las­
g o w , M on tan a, it w a s a n n o u n ce d b y
C. H. B r o c k s m ith , v ic e p re sid e n t o f
th e ban k .

B. M. Harris
B.
M. H a rris, ch a irm a n o f th e b o a rd A. R. McDermott
o f T h e Y e llo w s to n e B an k s, C olu m b u s
A . R. M cD erm ott, 76, re tire d B illin g s
a n d L a u rel, M on tan a, p a ssed a w a y at
b a n k e r an d past p re sid e n t o f th e M o n ­
th e S tillw a ter C o m m u n ity H o sp ita l in
tan a B a n k ers A s s o cia tio n , d ied re ­
C olu m b u s last m o n th o f a h ea rt a il­
c e n tly in G reat F a lls, M on tan a.
m en t.
M r. M cD e r m o tt w a s p re sid e n t o f th e

To Billings Bank Staff
O. B. S ilv ey , p resid en t, B illin g s State
B an k , B illin g s, M on tan a, has a n ­
n o u n c e d th e e le c tio n o f D o n W y a r d as
v ic e p resid en t. M r. W y a r d has b een
on th e staff o f th e N o r th w e s t B a n corp o r a tio n as e x a m in e r sin c e 1951.

F ir s t N a tion a l B a n k in B illin g s u n til
J a n u a ry 1, 1953, w h e n h e retired . H e
h ad b e e n a sso cia te d w ith th e b a n k
th e re fo r 30 y ea rs.

B e fo r e g o in g to N o r th w e s t B a n corp o r a tio n M r. W y a r d w a s a c r e d it s u ­
p e r v is o r fo r G a m b le S k o g m o , In c.,
an d p r io r to th a t w a s w ith th e M id ­
lan d N a tion a l B a n k o f M in n ea p olis.

Malta Grand Opening

Radio City

Airline Terminals

Fifth Avenue

Shopping Centers

United Nations

Empire State Building

Times Square

Grand Central Terminal

CHO ICE O F 5 F I N E E A T I N G P L A C E S

Gar age
1000 R O O M S - B A T H S
F R O M $ 5 . 5 0 SI NGLE

Prince
>?George
HOTEL
on

AN INTERNATIONAL HOTEL
Q u ie t e a s t t w e n t y - e ig h t h st .
b e t w e e n F ifth a n d M a d is o n A v e n u e s

CHARLES P. KANE, MANAGER

Phone LEX 2-7800
Teletype NY 1-721 t*-*A

Nort hwest ern Banker, November, 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

T h e g ra n d o p e n in g o f th e c o m p le te ­
ly
re d e c o r a te d
F ir s t State B ank,
M alta, M on tan a, w a s h eld re ce n tly ,
a c c o r d in g to P re sid e n t R . G. M on roe.
R e fr e s h m e n ts w e r e serv ed .

Women’s Forum
A series o f five fo r u m m eetin g s ta k ­
in g u p p r o b le m s o f lo n g ra n g e fin a n ­
cia l p la n n in g w e r e h eld in K a lisp ell,
M on tan a, b y th e C on ra d N a tion a l
B an k .
M ore th a n 125 w o m e n re g is ­
te re d fo r th e m eetin g s to h ear d is c u s ­
sion s o f w ills, estate p la n n in g , an d th e
p la ce o f w o m e n in th e A m e r ic a n e c o n ­
om y .

New Bank Opens
B u tte,
M o n ta n a ’s, n e w
S e cu rity
B a n k op e n e d last m o n th fo r b u sin ess
fo llo w in g an o p e n h o u s e ce le b ra tio n .
A . W . R o b e r t is p re sid e n t an d d ir e c ­
to r o f th e ban k .

Less than 60<J per month buys
this big bargain, the N.A.D.A.
Official Used Car Guide, com­
plete with up-to-date used car
information. Savings on quan­
tity orders.

Factual • Compact • Localized
• B a s ed u p o n a c tu a l s a le s
reports submitted every 10
days by auto dealers every­
where
• Printed in compact, pocketsize form
• Published every 30 days in
six regional editions
Subscribe for all your
key employees
only

PER YEAR
B

m

(q u a n tify p rice s
on re q u e st)

NATIONAL AUTOMOBILE DEALERS
USED CAR GUIDE CO.
1800 H Street, N.W . W ashington 6 , D.C.

73

Ëhuv
has
C h ristm a s Club a C arparation
m a in ta in ed its lea d ersh ip
fa r n ea r ip h a lf a ee n ta r p ?
That question was posed by a banker friend the other day, and in formulating the reply I began to
list the things we do to co-ordinate Christmas Club with the problem s and objectives of those we serve.
After com pleting the list it occurred to me that here was the reason we are serving a larger num ber of
institutions each year, and I thought we would print the list in this advertisement so that you could know
our thinking and our basic philosophy.
1 . Christmas Club a Corporation never attempts to limit

each year are directed to educating the public to use all

you to any one system; it provides them all, from simple

the services you offer.

ledger cards to modern, low-cost tabulating card meth­
ods. It knows from long experience that each financial
institution has different requirements, and tailors its

5 . Christmas Club a Corporation sponsors cash award
programs to encourage thrift.

recommendations to the institution’s size, personnel,

ii. Christmas Club a Corporation, without charge to the

location, area population and membership potential.

institutions it serves, provides lobby cards, car cards

2 . Christmas Club a Corporation produces the finest line

of effective advertising materials; provides them at low

(with space for your imprint) and radio spot copy, and
lends its customers T.V. (16 mm.) or motion picture
(35 mm.) film for local use during the Christmas season.

prices made possible by mass production.
3 . Christmas Club a C orporation conducts yearly

7 . Christmas Club a Corporation finances this public re­

surveys to find how people use their Christmas Savings

lations program by ploughing back a substantial portion

and how they use the other services you offer.

of its profits each year. Customers are never penalized

4 . Christmas Club a Corporation then devotes a substan­

for this extra promotional effort.

tial portion of its income to advertising and promoting

it. Christmas Club a Corporation provides other clubs

the Christmas Idea and Plan to keep the public coming

—Vacation, School Savings, Thrift —and promotes spe­

to your door. Many thousands of the dollars thus spent

cific programs to make them successful.

The program outlined above has just one fundamental purpose: To co-ordinate Christmas Club with
your over-all picture in such a way that new business is cx-eated for all departments and the public is given
an increasing awareness of how our American hanking system can help them to achieve a richer life and
a self-obtained security.
We sincerely believe that the experienced service of Christmas Club a Corporation will help you in­
crease your profits and will help to increase the pei-manent wealth of your com munity. We have proved
it in thousands of institutions, both large and small. The organization that founded the Christmas Club
plan and which has developed it for 45 years has naturally accumulated a “ know-how” that can build
business for you.
Without obligation of any kind we invite you to ask to see the Christmas Club man. There’s one nearby
to help you set up a new club or ltxake an old one more productive.

PRESIDENT

Œliruïtuuui Olfith
A CORPORATION
230 PARK AVENUE, NEW YORK 17
BUILDS

CHARACTER


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Federal Reserve Bank of St. Louis

•

BUILDS

SAVINGS

•

BUILDS

BUSINESS

FOR

FINA

Northwestern Banker, November, 1955

74

BANKING CENTER
Union Stock Yards, Omaha
When it pertains to livestock it’ s
profitable to have an account with

STO C K

YA RD S

N A T IO N A L

BANK

LIVESTOCK EXCHANGE BLDG.

OMAHA, NEBRASKA

THE ONLY BANK IN OMAHA’ S

CHEAT UNION STOCK

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northwest ern Banker, November, 1955


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Federal Reserve Bank of St. Louis

YARDS

75

LEFT— A. J. Hallas, president, Stock Yards National Bank,
Omaha.
LEFT CENTER— Mr. and Mrs. Samuel C. Waugh. Mr. Waugh, a
speaker at the Nebraska Bankers convention, is president of the
Export-Import Bank of Washington, Washington, D. C.
RIGHT CENTER— L eft to right: F. N. Cronin, president, O’Neill

State Bank, O’Neill, Nebraska; Neil King, assistant vice presi­
dent, The First National Bank of Denver, Denver, Colorado;
and Clarence C. Jones, vice president, Farmers State Bank,
Elkhorn, Nebraska.
RIGHT— H. B. Coffee, president, Union Stock Yards Company,
Omaha.

I I . L . G e r h a r t E le c te d P r e s id e n t
N e b r a s k a B a n k e r s A s s o c ia tio n
By WALTER T. PROCTOR
Associate Editor
The Northwestern Banker

L. G E R H A R T , p resid en t,
F ir s t N a tion a l B ank, N ew • m an G rov e, w a s ele cte d p r e s i­
d en t o f th e N eb ra sk a B a n k e rs A s s o c ia ­
tio n at th e ir r e c e n t c o n v e n t io n in
L in c o ln .
E le c te d to s e rv e w ith h im
d u r in g th e 1955-56 te rm are F r e d B run in g , B r u n in g State B an k , B ru n in g , as
v ic e p resid en t; E lm e r B ra d ley , p r e s i­
d en t, C olu m b u s B a n k , C olu m b u s, as
m em b er, e x e c u tiv e c o u n c il r e p r e s e n t­
in g g r o u p tw o ; F r e d S. A ld r ic h , v ic e
H. L. G E R H A R T F R E D B R U N IN G
E. B R A D L E Y
F R E D A L D R IC H
C. A. J E F F R E Y
p resid en t, C on tin en ta l N a tion a l B ank,
THE ABOVE NAM ED M EN were elected to offices of the Nebraska Bankers Associa­
L in c o ln , as m em b er, e x e c u tiv e co u n c il
tion by unanimous vote of the members of the association at the recent convention in
r e p r e s e n tin g L in c o ln , an d C. A. J e ff­
Lincoln, the last three being elected to the executive council for three years.
rey , v ic e p resid en t, P a ck e rs N a tion a l
B ank, O m aha, as m e m b e r, e x e c u tiv e
c o u n c il r e p r e s e n tin g O m aha.
M em ­
b e rs o f th e e x e c u tiv e c o u n c il w e r e
ele cte d fo r th ree-y ea r term s.

H

“Smoothest Running’’
E le c te d b y m e m b e rs o f th e A m e r i­
can B a n k ers A s s o c ia tio n as th e ir d e le ­
gate to th e n a tio n a l c o n v e n t io n w a s
J. V . J o h n s o n , p resid en t, J o h n s o n
C o u n ty B ank, T e cu m se h , o u tg o in g N e­
b ra sk a a s s o cia tio n p resid en t. E le cte d
as h is a ltern a te w a s E d w a rd H u w a lt,
e x e c u tiv e v ic e p resid en t, C o m m e rcia l
N a tion a l B ank, G ra n d Islan d , an d past
p resid en t, N eb ra sk a B a n k ers A s s o c ia ­
tion .

NEBRASKA ASSOCIATION . .
(T u r n to p a g e 78, p lea se)


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Federal Reserve Bank of St. Louis

CONTINUING IN OFFICE are, left to right. Harris V. Osterberg, as executive secre­
tary, Nebraska Bankers Association, and John R. Lauritzen, vice president, First Na­
tional Bank of Omaha, as treasurer o f the association. Mr. Lauritzen was elected two
years ago for a three-year term as treasurer.
Northwest ern Banker, November, 1955


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Federal Reserve Bank of St. Louis

77

The United States N ational Bank stands on the threshold of its 100th
Anniversary. In 1856 two young men started a primitive bank and land office
in the frontier town, Omaha City, N. T. This private banking partnership
prospered through hardship, crises, and change. With unbroken lineage and
financial integrity it has grown to be the present bank, sharing the first
hundred years of this great Midwest.
*

*

*

In anticipation of this anniversary year we are rolling out the R ed
Carpet! We invite you to join us in observing this milestone by making your
bank the United States National Bank as we start our second hundred years.

C E


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Federal Reserve Bank of St. Louis

1 8 5 6 -1 9 5 6

Northwestern Banker, November, 1955

78

Nebraska News

1 ietvs o f th e N eb ra sk a H a n k ers C onvention

LEFT— Harold R. Deitemeyer, president, First National Bank,
Beatrice, Nebraska; Bob Farmer, assistant cashier, and Fred
Aldrich, vice president, both o f the Continental National Bank,
Lincoln; P. V. Miller, vice president, Commerce Trust Com­
pany, Kansas City, Missouri; and C. W. Battey, president, Con­
tinental National Bank, Lincoln.
UPPER CENTER— M. D. Ellis, assistant cashier, City National
Bank and Trust Company, Kansas City, Missouri; G. J. Arm­
strong, president, Overland National Bank, Grand Island, Ne­
braska; and Le Roy Neal, Jr., Western Bank Contractors, Inc.,
Kansas City, Missouri.

NEBRASKA ASSOCIATION . . .
(C o n tin u e d fr o m p a ge 75)
H a rris V. O sterb erg, e x e c u tiv e s e c ­
re ta ry o f th e a ssocia tion , re c e iv e d
m a n y c o m p lim e n ts fo r th e fine o r g a n i­
za tion o f th e m e e tin g w h ic h w a s d e ­
sc r ib e d b y m a n y as th e sm ooth estru n n in g , b est c o n v e n t io n in th e a sso­
c ia t io n ’s h isto ry .
J. V. J o h n s o n ’s p re s id e n t’s ad d ress
w a s ou tsta n d in g as w e r e th e talks b y
S am u el C. W a u g h , p resid en t, E x p o rt-

Im p o r t B a n k o f W a s h in g to n , D. C.; Dr.
O. B. Jesn ess, h ead, d e p a rtm e n t o f
a g ricu ltu ra l e co n o m ic s , In stitu te o f
A g r ic u ltu r e , U n iv e r s ity o f M in n esota;
W illia m M cC raw , ju d g e , sp ecia l c r im i­
nal d istrict co u rt, D allas, T ex a s; F re d
F. F lo r e n c e , p resid en t, R e p u b lic N a­
tion a l B ank, D allas, T ex a s, an d p r e s i­
den t o f th e A m e r ic a n B a n k ers A s s o ­
cia tion , and K. W . H a a g en sen , d ir e c to r
o f p u b lic rela tion s, A llis-C h a lm ers.
A ls o on th e p r o g r a m w e r e N e b ra s­

UPPER LE FT— Everett L. Crume, vice president, The Tootle
National Bank, St. Joseph, Missouri; A. J. Baxter, president,
Frenchman Valley Bank, Palisade, Nebraska; and Gilbert Tootle,
assistant vice president, The Tootle National Bank, St. Joseph,
Missouri.
LOW ER LEFT— Clyde H. Sudman, vice president, The Guardian
State Bank, Alliance, Nebraska; Albert A. Held, executive vice
president, National Bank of Commerce, Lincoln, Nebraska; and
Fred H. Bruning, president, Bruning State Bank, Bruning, N e­
braska.
CENTER— Mary Gleason, advertising manager, Omaha National
Bank, Omaha, Nebraska; Mrs. W. B. Millard, Jr., w ife of the
Northwest ern Banker. November, 1955


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Federal Reserve Bank of St. Louis

LOWER CENTER— Howard O. McCoy, resident vice president,
Colorado Insurance Group, Boulder, Colorado; W illiam N.
Mitten, chairman o f the board, First National Bank of Fremont,
Fremont, Nebraska; and Thomas C. Horn, executive vice presi­
dent, First National Bank, Hay Springs, Nebraska.
RIGHT— Standing, left to right: Homer Peterson, manager,
United States Check Book Company, Omaha; Glen T. Gibson,
president, Exchange Bank, Gibbon, Nebraska; C. G. Hohl,
president, Wahoo State Bank, Wahoo, Nebraska; and Glen G.
Hampton, vice president, Gothenburg State Bank, Gothenburg,
Nebraska. Seated is E. R. Spray, cashier, Crawford State Bank,
Crawford, Nebraska.
k a ’s g o v e r n o r , V ic to r E. A n d e rso n ;
L in c o ln ’s m a y o r, C la rk Jea ry, and J.
F . M cL a in , state b a n k in g d irector.
T h e N eb ra sk a B a n k ers A s s o c ia tio n
ca lle d on C on g ress to p la ce c o r p o r a ­
tion s, a sso cia tio n s, c o o p e r a tiv e s and
o th er b u sin ess o rg a n iz a tio n s on a “ fa ir
an d im p a rtia l” ta x b asis a d op ted at
th e a n n u a l c o n v e n t io n h eld in L in co ln .

NEBRASKA ASSOCIATION . . .
(T u r n to p a g e 84, p lea se)

president, Omaha National Bank; and Mrs. Bruce H. Thomas,
w ife o f vice president, Omaha National.
UPPER RIGHT— Vern P. Meyer, assistant vice president, First
National Bank, St. Joseph, Missouri; J. M. Ford II, president,
First National Bank, St. Joseph, Missouri; George S. Lyon, vice
president, Richardson County Bank, Falls City, Nebraska; and
Harry H. Broadhead, Jr., vice president, First Stock Yards
Bank, South St. Joseph, Missouri.
LOW ER RIGHT— Glen Cunningham, savings bond division,
United States Treasury, Omaha; Burnham Yates, president,
The First National Bank, Lincoln; and J. F. McLain, state
director o f banking, Lincoln.

Nebraska News

79

V iew s o f th e N ebrnstin fian fier s C onvention

CENTER— James L. Gray, president, The Coleridge National
Bank, Coleridge, Nebraska; Mrs. Gray; Mrs. Wekesser and her
husband, Robert A. Wekesser, vice president, National Bank of
Commerce, Lincoln.

U PPER LE FT— Seated, left to right: Irvin F. Novak, vice
president, Saline State Bank, Wilber, Nebraska; J. M. Pucelik,
president, Spencer State Bank, Spencer, Nebraska; Mrs. W. T.
Green and W. T. Green, vice president and cashier, First Na­
tional Bank, Grand Island, Nebraska; and John McCumber, vice
president, Stock Yards National Bank, Omaha. Standing, left
to right, are: C. W. Means, assistant vice president, and Orville
V. Nielsen, representative, both of the Stock Yards National
Bank, Omaha.
LOW ER LEFT— Otto Kotouc, Sr., chairman o f the board, Home
State Bank, Humboldt, Nebraska; Ben DuBois, secretary, Inde­
pendent Bankers Association, Sauk Centre, Minnesota; and
Emil E. Placek, chairman, First National Bank, Wahoo.

LOW ER RIGHT— Standing, left to right: John Cockle, trust
officer; Fred Douglas, representative; Russell Loring, assistant
vice president. Seated, left to right: H. H. Echtermeyer, vice
president; and Paul Hansen, vice president, all five men being
from the Omaha National Bank, Omaha.

correspondent banking starts

where

’ ..........

UPPER RIGHT— A. C. Glandt, vice president and cashier, First
National Bank, Lincoln; Mrs. Glandt; and Linus E. Southwick,
vice president, The First National Bank, Lincoln.

C e n tra l
S H iü H i


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Federal Reserve Bank of St. Louis

Bank
1 5th &

&

T r u s t

A rapah oe

Member Federal Reserve System

C o .

D e n v e r, C o lo .

• Federal Deposit Insurance Carp.

Northwestern Banker, November, 1955

Nebraska News

80

N a tion a l B an k , b e ca m e ca sh ie r o f the
bank.
H e re sig n e d fr o m th e b a n k in 1937
and jo in e d th e O m aha & C ou n cil B lu ffs
S treet R a ilw a y C om p a n y , sin ce r e ­
n a m ed O m aha T ra n sit, as v ic e p r e s i­
dent.
In 1944, M r. L ee w a s e lected a d i­
r e c to r o f th e O m aha N a tion a l B ank.

New Sidney Cashier
L e w is M eh lin g , w h o fo r th e past
th re e y e a rs has s e rv e d as a fed era l
b a n k a u d itor, h as a cce p te d a p osition
as ca sh ie r in th e A m e r ic a n N ation al
B an k at S id n ey , N ebrask a.
B. M IL L A R D , JR ., p re sid e n t
George G. Moore, 79, re tire d K a n sa s
• o f th e O m aha N a tion a l B ank, C ity b a n k e r and fa th e r o f O m aha N a ­
has b e e n n a m ed N eb ra sk a State tion
S a v­
a l B a n k V ic e P re s id e n t James H.
in gs B o n d C hairm an .
Moore, Sr., d ied last m o n th in an
M r. M illa rd ’s a p p o in tm e n t w a s a n ­
O m aha h osp ita l.
n o u n c e d b y S e c r e ta r y o f th e T r e a s u r y
M r. M o o re w a s v ic e p re sid e n t o f th e
G e o rg e M. H u m p h re y . H e su cce e d s
U n ion N a tion a l B a n k an d h ad b e e n
W a d e R. M artin, v ic e p re sid e n t o f th e
w ith th e org a n iz a tio n 48 y ea rs w h e n
sam e ban k.
h e re tire d in 1951.

W

*

*

T h e fa rm cre d it act o f 1955 has in ­
crea sed the loa n lim it o f th e F e d e ra l
L a n d B a n k o f O m aha to $200,000. T h e
o ld lim it w a s $100,000.
P re sid e n t H. A. Viergutz said th e act
a lso ex p a n d e d th e p u rp o s e s o f loans,
b ro a d e n e d th e b ase on w h ic h loa n s
m a y be m ad e on pa rt-tim e fa rm s; and
p e rm itte d th e e x te n s io n o f cr e d it to
fa m ily c o r p o r a tio n s en g a g ed in fa r m ­
in g op era tion s.
*

W . B. M I L L A R D , JR.
. . . named N ebraska State
S avings Bond Chairman

M r. M illa rd h as b e e n w ith the
O m aha b a n k sin ce 1924. H e a lso is a
d ir e c to r o f th re e o th e r firm s.
M r. M a rtin w ill re tire an d m o v e to
C aliforn ia . H e has b e e n ch a irm a n o f
sa v in g s b o n d sales s ix years.
* * =1=
T h e w o m e n ’s c o m m itte e o f th e
O m aha C h a p ter o f th e A m e r ic a n In s ti­
tu te o f B a n k in g s p o n s o r e d a tea and
fa s h io n s h o w last m o n th at th e F on ten elle H o te l B a llroom . C h a irm a n o f
th e affair w a s Miss Lucille Risk.
* * *

William N. Mitten, ch a irm a n o f the
b o a r d o f d ir e c to r s o f F ir s t N a tion a l
B a n k and a d ir e c to r o f th e O m aha
b ra n ch o f th e F e d e r a l R e s e r v e B a n k
o f K a n sa s C ity, a tte n d ed th e r e ce n t
a n n u al jo in t m e e tin g o f th e R e se rv e
B a n k an d its b ra n ch e s in K a n sa s C ity.
Northwest ern Banker, November, 1955

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Federal Reserve Bank of St. Louis

^

*

A r o u n d th e B a n k , co m p a n y p u b lic a ­
tion o f th e O m aha N a tion a l B an k , r e ­
c e iv e d th e H o n o r a b le M e n tio n A w a r d
in th e G en era] E x c e lle n c e c a te g o r y o f
c o m p a n y p u b lica tio n s w ith a c ir c u la ­
tion u p to 1,000. T h e a w a rd w a s m ade
b y th e S o c ie ty o f A s s o c ia te d In d u s ­
trial E d itors, an org a n iz a tio n c o m p r is ­
in g 11 s o u th w e s te rn states, in T ulsa,
O klah om a, last w e e k . O th er O m aha
firm s r e c e iv in g to p a w a rd s in th is c o n ­
test w e r e Om ar, In c. w ith th e O m a r
C a r a va n , th e N o r th w e s te r n B ell T e le ­
p h o n e C o m p a n y w ith T h e N o r t h w e s t ­
e r n B e l l, M u tu al B en efit H ea lth & A c ­
cid e n t A s s o c ia tio n w ith
C r iss C r o s s
C u r r e n t s , and th e N o rth e rn N atu ral
Gas C o m p a n y w ith its e x te rn a l T r a n s ­

Joins Atkinson Staff
L e o T. A d a m s, fo r m e r e x e c u tiv e
h ea d o f th e C h a m b ers State B a n k at
C h a m b ers, jo in e d th e staff o f th e F irst
N a tion a l B a n k o f A tk in s o n th e first o f
th is m o n th , a c c o r d in g to a statem en t
b y th e A tk in s o n b a n k ’s p resid en t, H.
J. B irm in g h a m o f O’N eill.
M r. a n d M rs. A d a m s w ill m o v e to
A tk in s o n fr o m St. P aul, N ebraska,
w h e r e h e has b e e n w ith th e St. P au l
N a tion a l B ank.

Beaver City Renovation
T h e u p sta irs p a rtitio n s o f th e F irst
State B ank, B e a v e r C ity, N ebrask a,
h a v e b e e n to r n out, and w o r k is p r o ­
g r e s s in g on a co m p le te rem od elin g .
T h e to p floor is to b e re m o v e d c o m ­
p le te ly , a n d th e b u ild in g is to b e refa c e d w ith r o s e -c o lo r e d b rick .

S to c k Y a rd s ifu een

m is s io n .

*

*

*

James P. Lee, 65, p resid en t, O m aha
T ra n s it
C om p a n y ,
and
b a n k er, d ied r e c e n tly in
d e n tis t’s office.

a
an

fo r m e r
O m aha

C o r o n a r y th r o m b o s is w a s g iv e n as
th e ca u se o f death.
M r. L e e jo in e d th e M erch a n ts N a ­
tio n a l B a n k in 1907. H e b e ca m e assist­
ant ca sh ier an d in 1931, s h o r tly a fter
th e firm h a d m e r g e d w ith the O m aha

1955 OM AHA STOCK YARDS QUEEN,
Patricia Hybner, shown above, recently
shared a dual reign at the Ak-Sar-Ben
rodeo with Carol Sandy, Union Pacific
Queen, as Ak-Sar-Ben saluted two of
Omaha’s foremost industries. Miss H yb­
ner is a secretary in the personal loan
department o f Stock Yards National
Bank, Omaha.


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Federal Reserve Bank of St. Louis

81

Our officers don’t do all of
their business across a
desk. They often go right
to your store . . . your plant . . .
or shop, to keep posted
on the latest operations, and
to gather current
information on the spot.
They have a working knowledge
of a lot of businesses,
which helps them understand
your problems.
No matter what kind of business
you’re in, you’ll find an officer
at The Omaha National who knows
your financial operation.
A man you can do business with,
because he talks your language.

T he O m ah a
N a tio n a l B a n k
“ Helping Omaha Grow Since 1 8 6 6 ”

MEMBER fed eral d epo sit in s u r a n c e c o r p o r a t io n

Northwestern Banker. November, 1955

Nebraska News

82

Lincoln New s

s p e c ia l
m e e t i n g . F o llo w in g t h i s
ch a n g e, th e b a n k ’s ca p ita l is $1,250,000,
a n d $1,250,000 su rp lu s. It h a d b een
$1,000,000 ca p ita l an d $1,000,000 su r­
plus.
* * *
A p p o in te d to a c o m m itte e fo r th e
N eb ra sk a S o c ie ty fo r C rip p led C h il­
d ren w a s Gene Eaton, v ic e p re sid e n t
o f th e N a tion a l B a n k o f C om m erce.
* * *

E A D IN G th e a d v a n c e d g ifts s e c ­
S to ck h o ld e rs o f th e National Bank
tio n fo r th e L in c o ln C o m m u n ity
of Commerce v o te d a s to c k d iv id e n d o f
C hest d r iv e is Burnham Yates, p r e s15
i­ p e r ce n t p lu s rig h ts to p u rch a se an
d en t o f th e F ir s t N a tio n a l Bank.
a d d ition a l 10 p e r c e n t r e c e n tly at a

H

T h e b o a rd o f d ir e c to r s o f T h e F irst
N a tion a l B an k o f L in c o ln has
an­
n o u n c e d th e e le ctio n o f A. S. “Chico”
Chaves as v ic e p resid en t.

serving N E B R A S K A
for Generations

Since 1871, the First
National Bank o f Lin­
coln has been providing
made-to-order banking
services.
Whether it’s an excess
loan or any other prob­
lem, think first o f First
National o f Lincoln— as
close to you as your
telephone.

S p eedy tran sit serv ice

A. S. “ C H IC O " C H A V E S
V ice P resident
The First N ational Bank o f L incoln

M r. C h a v es’ d u ties w ith th e b a n k
w ill be in th e o p e ra tio n s an d p e r s o n ­
n e l d e p a rtm e n t an d th e c o r r e s p o n d e n t
b a n k d ep a rtm en t. H e jo in s T h e F irst
N a tion a l B a n k ’s staff w ith c o n s id e r ­
ab le e x p e r ie n c e in th e b a n k o p era tion s
a n d a u d itin g field.
H is b a n k in g ca re e r b eg a n in Santa
F e, N e w M e x ico , a fte r w h ic h h e sp en t
ten y e a rs w ith th e n a tio n a l b a n k e x ­
a m in in g fo r c e . L a te r h e b e ca m e ca sh ­
ie r an d c o m p tr o lle r fo r th e L iv e s to c k
N a tion a l B a n k o f Om aha, and m ore r e ­
c e n tly has b een a p a rtn e r in the firm
o f W . D. M essen g er, in ch a rg e o f the
B a n k A u d itin g D iv isio n .
M r. C h a ves is a p ast d ir e c to r o f the
N a tio n a l Office M a n a g em en t A s s o c ia ­
tion , N eb ra sk a C rip p le d C h ild ren and
N a tion a l A s s o c ia tio n o f B an k A u d ito rs
and C o m p tro lle rs.

I0lh & O Streets

MUNICIPALS FOR BANKS
Member Midwest Stock Exchange

Phone 2-8561

o f L in c o ln
hwest ern Banker, November, 1955
Digitized Nort
for FRASER
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Federal Reserve Bank of St. Louis

Lincoln, Nebraska

CHILES-SCHUTZ COMPANY
Farm Credit Building
Omaha

Nebraska News
O ne o f th e civ ilia n g u ests at a re ce n t
p r a c tic e fire p o w e r d e m o n s tra tio n o f
th e U n ited S tates A ir F o r c e at E g lin
F ield , F lo rid a , w a s Byron Dunn, p r e s i­
d en t o f th e N a tion a l B a n k o f C o m ­
m erce.
* * *

R. Max Peterson, assistan t ca sh ier o f
th e

C o n tin e n ta l N a tion a l B an k ,

and

Wayne Packard, v ic e p re s id e n t and
tre a s u re r o f th e S e c u r ity M u tu al L ife
In s u r a n c e C o m p a n y o f L in c o ln , w e r e
m e m b e rs o f a p a n el fo r the p ro g ra m
o f N .O .M .A . In th e p a n el d iscu ssion ,
“ P e r s o n n a l M a n a g em en t— Its P u rp o se
a n d Its P la c e ” , e m p h a sis w a s p la ced
on th e d e v e lo p m e n t o f a s o u n d and
p ra ctica l p h ilo s o p h y to g u id e all p e r ­
so n n e l d ir e c t o r s ’ a ction s. It w a s d e­
cid e d th at it is w ise to b u ild th is p r o ­
g ra m so it w ill reflect th e ch a ra cte rs
an d p e rso n a litie s o f th e w o r k fo rce .
P r o g r a m s o f h ir in g and tra in in g also
w e r e d iscu sse d fr o m th e v ie w p o in t o f
th e p a n el m e m b e r s ’ firm s.
*

*

*

*

P aul B o g o tt, v ic e p re s id e n t o f th e
N a tion a l B a n k o f C o m m e rce , atten d ed
th e r e c e n t M iss issip p i V a lle y T u b e r ­
cu lo s is A s s o c ia tio n m e e tin g at Des
M oin es, Iow a .
*

*

*

Dale Shoemaker, a u d itor o f th e F irst
N a tion a l B an k , w a s ch o s e n state v ic e
p re s id e n t o f th e N a tion a l A s s o cia tio n
o f B a n k A u d ito r s and C o m p tro lle rs.
*

*

Begins Presidential Duties
L lo y d B a con , ca sh ier o f th e F a rm e rs
State B ank, L e x in g to n , N eb ra sk a , offi­
c ia lly h as ta k en o v e r th e re in s as
p re sid e n t o f th e L e x in g to n C h a m b er
o f C om m erce.

On Women’ s Panel
M rs. A n n T. H o lt o f th e F ir s t N a­
tio n a l B an k o f H old reg e, w ill ap p ea r
on a p a n el at the N eb ra sk a A s s o c ia tio n
o f B an k W o m e n m eetin g , N o v e m b e r
19, at H a stin gs.
M rs. E v a M cB rid e, p re s id e n t o f the
C o m m e rcia l B a n k o f B lu e H ill, w ill b e
ch a irm a n o f th is m eetin g . M iss R eg in a
W . N agle, assista n t ca sh ie r o f the
D ou g la s C o u n ty B a n k o f O m aha, is
state p resid en t.

H
=

T h e T ri-S tate C o n fe re n ce fo r C reditm en at D es M oin es, Io w a , w a s at­
ten d ed b y Raymond B. Bauman, as­
sista n t ca sh ie r o f th e C o n t i n e n t a l
N a tion a l B ank.
*

n a tion a l c o n v e n tio n o f the N a tion a l
A s s o c ia tio n o f B an k A u d ito r s and
C o m p tr o lle r s last m on th at D en v er,
C olora d o.

83

Thedford Bank Construction
T h e n e w h o m e o f th e C itizen s State
B a n k at T h e d fo rd , N eb ra sk a , is ra p ­
id ly r is in g a cro ss th e street sou th fr o m
th e co u rth o u se .
T h e n e w b a n k in g
h ou s e is o f fa ce b r ic k and p u m ice
b lo c k c o n s tr u c tio n w ith ston e trim . It
is e x p e c te d to be c o m p le te d in a b ou t
tw o m on th s.

“ Patron of Scouting’'
O tto K o to u c , Sr., ch a irm a n o f th e
b oa rd , H o m e State B ank, H u m b old t,
N ebrask a, b e ca m e th e first “ P a tron o f
S c o u tin g ” in th e C o rn h u sk e r C ou n cil,
B o y S cou ts o f A m e rica , a c c o r d in g to
J oh n G. B au er, B ea trice, ch a irm a n o f
th e fin a n ce c o m m itte e , w h e n h e p r e ­
sen ted a c h e c k in th e a m ou n t o f $500
last m o n th to b e u se d fo r th e 1956
b u d g e t o f th e C o u n cil as a p a rt o f the
a d v a n ced g ifts ca m p a ig n in h is lo ca l
c o m m u n ity o f H u m b old t. M r. K o to u c
is a w e ll-k n o w n b a n k er, state sen a tor,
an d a life -lo n g fr ie n d o f the y o u th o f
sou th ea stern N ebrask a.

Bank Sponsors Banquet

10-Year Open House

A
r e c o g n itio n
b a n q u e t h o n o r in g
D a w so n c o u n t y 4-H lea d ers w a s h eld
r e c e n tly at th e F e llo w s h ip H a ll in th e
M eth od ist C h u rch , L e x i n g t o n , N e ­
braska.

M r. and M rs. M illa rd T h o m p s o n c e l­
eb ra ted th eir ten th y e a r in th e b a n k
at L ib e r ty , N eb ra sk a , w ith an op e n
h ou s e re ce n tly . C offee a n d don u ts,
p en s and p e n cils an d b a llo o n s fo r th e
ch ild r e n w e r e h a n d ed ou t to v isito rs.

T h e b a n q u e t w a s s p o n so re d b y th e
F a rm e rs State B a n k and w a s in ch a rg e
o f H a r o ld S tev en s, c o u n t y agent. M r.
S tev en s w a s toa stm a ster a n d in tr o ­
d u ce d Ja m es V. O ’D on n ell, p re sid e n t
o f th e ban k , and M rs. O’D on n ell, L lo y d
B a con , ca sh ier, and M rs. B a con , the
b a n k ’s b o a rd o f d ir e c to r s an d e m ­
p lo y e e s.

Honored at 50th Year
A g e t-tog eth er h o n o r in g F r a n k S.
S tegge, p resid en t, F ir s t N a tion a l B ank,
R a n d o lp h , fo r 50 y e a r s o f b a n k in g
s e rv ice , w a s g iv e n b y h is p re se n t b a n k
a ssocia tes at V e te ra n s o f F o r e ig n
W a rs H a ll last m on th .

*

H. C. Carl, assista n t ca sh ie r o f th e
C o n t i n e n t a l N a t i o n a l B an k , w a s
e le cte d p r e s id e n t o f th e E x c h a n g e , a
lo c a l c o r p o r a tio n c o m p o s e d o f b a n k s
a n d in sta llm en t loa n co m p a n ie s, at the
g r o u p ’s a n n u al m eetin g .
=t= *

*

Mrs. Irene Barber o f th e F ir s t N a­
tio n a l B a n k sp o k e e a r ly th is m o n th at
th e sou th ea st r e g io n a l c o n v e n t io n o f
th e W o m e n ’s D iv is io n o f th e U n ited
S tates C h a m b er o f C o m m e rce at M i­
am i, F lo rid a .
* *

Sterling M. Glover, c o m p tr o lle r and
a u d ito r o f th e C on tin en ta l N a tion a l
B an k , and Herman Brockmeier, vicep re s id e n t an d c o m p tr o lle r o f th e N a ­
tio n a l B a n k o f C o m m e rce , a tten d ed a

YO UR STATE BANKERS ASSO CIATIO N
O FFIC IA L SA FE, V A U L T AN D
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.
OMAHA


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Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION

The CONTINENTAL NATIONAL BANK OF LINCOLN
LINCOLN, NEBRASKA
At the Close of Business October 5, 1955
R E S O U R C E S
Cash and Due from Banks ...........................................................................$ 8,161,095.63
United States Government Securities ...................................................... 16,856,377.37
Municipal Bonds and W arrants ........................................... .................... 2,556,054.78
Other Bonds and Securities .........................................................................
855,356.96
Loans and Discounts (including overdrafts) ......................................... 11,853,641.09
Stock in Federal Reserve Bank ..................................................................
60,000.00
Furniture and Fixtures and Safe Deposit Vaults ................................
59,475.00
Real Estate Owned .........................................................................................
245,670.00
Interest Earned but Not Collected .............................................................
154,564.16
Customers' Liability Under Letters of Credit .........................................
8,992.50
TOTAL RESOURCES ..........................................................................$40,811,227.49
L I A B I L I T I E S
Capital Stock ...................................................................................................... $ 1,000,000.00
Surplus .................................................................................................................. 1,000,000.00
Undivided Profits and Reserves ..................................................................
514,138.99
Interest Collected but Not Earned .............................................................
72,200.90
Reserved for Taxes, Interest and Expenses .........................................
41,875.36
Letters of Credit Outstanding .......................................................................
8,992.50
Deposits .................................................................................................................. 38,174,019.74
TOTAL LIABILITIES ............................................................................ $40,811,227.49
Member of Federal Reserve System

Member of Federal Deposit Insurance Corporation
Northwestern Banker, November, 1955

84

Nebraska News

Views a i th e A eb r a sk a K a n k ers 4'onren/ian

LEFT— Donald F. Delano and Leo Van Dittie, vice presidents,
Central Bank and Trust Company, Denver, Colorado.
CENTER— E. N. Solomon, vice president; Don R. Ostrand,
assistant cashier; O. H. Elliott, vice president; John Davis,
president; and Carl N. Bloom, assistant cashier, all from the
First National Bank of Omaha.

NEBRASKA ASSOCIATION . . .
(C o n tin u e d fr o m p a ge 78)
T h e r e s o lu tio n , on e o f sev era l, w a s
p a ssed w ith o u t o b je c tio n .
In o th e r re s o lu tio n s , th e b a n k ers
v o te d in fa v o r o f c o n tin u in g th e A g r i­
c u ltu ra l C redit C o n fe re n ce s and th e
B a n k M a n a g em en t C o n fe re n ce s. T h e
re s o lu tio n u rg e d th e a sso cia tio n to
g iv e “ e n c o u r a g e m e n t an d a ssista n ce ”
to th e 4-H and F u tu re F a r m e r s o r g a n i­
za tion s fo r th e “ e x c e lle n t tr a in in g ”
th e y g iv e fa rm y o u th .

“Economic Expansion”
T h e p re sid e n t o f th e A m e r ic a n
B a n k e rs A s s o c ia tio n , F r e d F . F lo r ­
en ce, said, “ T h e r e is e v e r y in d ica tio n
th a t ou r n a tio n stan d s to d a y on th e
th r e s h o ld o f an era o f e c o n o m ic e x p a n ­
s io n o f tr u ly grea t p r o p o r tio n s .”
M r. F lo r e n c e to ld th e state b a n k ers
th e y co u ld m a k e a “ real c o n tr ib u tio n ”
to a h ig h e r sta n d a rd o f liv in g fo r th e
A m e r ic a n p e o p le , b y “ s e r v in g th e p u b ­
lic w ith th e m a x im u m d e g re e o f re ­
s o u rce fu ln e s s , sa fety , an d e fficie n cy .”
M ore th an 1,000 state b a n k ers and

RIG H T— Harold R. Browning, vice president, and Harold L.
Potter, assistant cashier, both of the United States National
Bank of Omaha; G. D. Eberly, president, Stanton National Bank,
Stanton, Nebraska; and Richard H. Mallory, vice president,
United States National Bank of Omaha.

th e ir w iv e s a tten d ed th e 58th a n n u al
c o n v e n t io n o f th e state a ssocia tion .
A n ea rlie r sp e a k e r at th e final c o n ­
v e n tio n m eetin g , J. F . M cL a in , state
b a n k in g d ir e c to r o f N eb ra sk a , said it
w a s h is o p in io n th e “ g o o d w h e a t c ro p
is th e o n ly b r ig h t sp o t in ou r a g r ic u l­
tu re .” H e said th at u n d e r th e p re se n t
v a r y in g c o n d itio n s o f th e sta te’s a g r i­
cu ltu re “ m a in ta in in g c o n fid e n ce is a
fu n d a m e n ta l p r o b le m o f b a n k in g .”
M r. M cL a in said th e re is a “ w id e ­
sp rea d la ck o f k n o w le d g e a m o n g
A m e r ic a n p e o p le a b o u t th e fu n c tio n s
o f b a n k s a n d a m is c o n c e p t io n o f
m o n e y .” A ll o f this, h e said, m a k es it
m o r e d ifficu lt to m a k e m a n y p e rso n s
u n d ersta n d th e d a n g ers o f in fla tion as
a h a za rd to th e ir savings.-— $$

Announces Building; Plans
P la n s h a v e b e e n a n n o u n ce d b y the
W y m o r e N a tion a l B a n k , W y m o r e , N e ­
b rask a, to b u ild a n e w b u ild in g on e
b lo c k n o rth o f th e p re se n t loca tion .
T h e W e s te r n B a n k C on tra ctors, In c.,
o f K a n sa s C ity, M issou ri, h a v e b een

a w a rd ed th e c o n tr a c t fo r th e 25x32
fo o t stru ctu re.
F e a tu re s to b e in c o r p o r a te d in th e
n e w b u ild in g in clu d e a c o m m u n ity
room , a d d ition a l s a fe ty d e p o sit b o x e s ,
ladies lo u n g e an d rest ro o m s and o th e r
fa cilities.
P r o v is io n w ill b e m a d e fo r d riv e-in
teller s e r v ic e to b e a dded later. C on ­
s tru ctio n is e x p e c te d to tak e fo u r
m on th s an d th e n e w b a n k w ill be c o m ­
p leted n e x t sp rin g .

New Cashier Named
C.
A. “ B u d ” G a gh agen , Jr., o f A lli­
an ce, has b een n a m ed ca sh ier o f th e
C itizen s State B a n k o f T h e d fo rd . L eR o y A b b o tt, p re s id e n t o f T h e A b b o tt
C om p a n y , m a d e th e a n n ou n cem en t.
M r. G a g h a g en has b e e n e m p lo y e d at
T h e G u a rd ia n State B a n k in A llia n ce
fo r th e p ast s ix and a h a lf y ea rs, as
a ssistan t ca sh ie r a ssign ed to th e sm all
loa n d ep a rtm en t.
W . H. B ra m e r o f M u llen , w h o has
s e rv e d as ca sh ier o f th e T h e d fo r d b a n k
a lo n g w ith h is d u ties as v ic e p re sid e n t
and ca sh ie r o f th e B a n k o f M u llen , has
b een n a m ed v ic e p re s id e n t o f th e C it­
izen s State B a n k o f T h e d fo rd .
T h e A b b o tts p u rch a s e d th e T h e d ­
fo r d b a n k in 1948.

BANKS BOUGHT »

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D IG N IFIED

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CHARLES E. WALTERS CO.
1313 FIRST NATIONAL BANK BUILDING

OMAHA, NEBR.

SCARBOROUGH Associates Group Insurance Plan

P R O V I D I N G G R O U P L I F E , A C C ID E N ­

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complete benefits at lowest cost. It is a loyalty builder.

A C C ID E N T A N D S IC K N E S S , H O S P IT A L

TAL D EATH A N D

A N D S U R G I C A L B E N E F IT S

FIR S T N A T IO N A L B A N K B U IL D IN G , C H IC A G O 3 , IL L IN O IS

Northwest ern Banker, November, 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

D IS M E M B E R M E N T ,

Nebraska News

f in i t e t i S l a t e s

\

¡ta ils Out tire iteti C arpet

85

20th Anniversary
T h e F ir s t State B ank, S cottsb lu ff,
N eb ra sk a , r e c e n tly o b s e r v e d its 20th
a n n iv e rs a ry . T h e d e p o sits o f 20 y e a rs
a g o w e r e $27,896 as c o m p a r e d w ith th e
p re se n t fig u re o f $5,416,100.

Lewellen Open House
T h e 50th a n n iv e r s a r y o f th e F irst
N a tion a l B an k , L e w e lle n , N eb ra sk a ,
w ill b e lo n g re m e m b e r e d b y resid en ts
o f th a t c o m m u n ity . A t th e o p e n h ou se
h eld last m on th , m o r e th a n 500 g u ests
r e g is te re d an d h eard a L e w e lle n ban d
c o n ce rt, an d later o rg a n m u sic b y tw o
n oted org a n ists.
T h e re w e r e prizes, r e fr e s h m e n ts and
flow ers. M a ry B eard, p re s id e n t o f th e
ban k , a lo n g w ith o th e r b a n k officials,
g r e e te d g u ests at th e d o o r d u r in g th e
fo u r-h o u r affair.

“ N A ILIN G IT DOW N” are, left to right: Herbert Minikus, Joseph S’ edge, Ellsworth
Moser, president, and John L. Eddy, assistant vice president, U. S. National Bank.
the b a n k ’s “ R e d C a rpet C lu b ” and
M A H A ’s o ld e st fin a n cia l in stitu ­
p le d g e d th e m s e lv e s to e x tra e ffo rt in
tio n lite r a lly r o lle d ou t th e red
c a r p e t r e c e n tly to c e le b ra te th e b e g ins ­e r v ic e fo r th e c o m in g yea r.
T h e U n ited S tates N a tion a l B a n k
n in g o f its s e c o n d h u n d re d y e a rs o f
tra ce s its d ire ct fo u n d in g in 1856 to
s e r v ic e to th e M id w est.
a p a rtn e rsh ip c o m p o s e d o f a su cce s s fu l
W o r k m e n fo r T h e U n ited States N a­
M ississip p i R iv e r la n d m erch a n t, W il­
tio n a l B a n k la id a 1 2-foot-w ide p lu sh
la rd B a rro w , an d tw o y o u n g m en ,
re d ca rp e t fr o m th e F a rn a m S treet
E zra an d J o se p h H. M illard.
c u r b to th e e n tra n ce o f the ban k.
O m aha C ity, N eb ra sk a T e r r ito r y , in
T h e ca rp e t is an in v ita tio n to e v e r y ­
1856 w a s a h a m le t c o n s is tin g o f on e
o n e to h e lp c e le b ra te th e b a n k ’s c e n ­
tw o -s to r y b r ic k b u ild in g a n d a fe w lo g
te n n ia l y e a r in 1956, said E lls w o r th
o r c la p b o a rd h o u s e s sca tte re d a lo n g
M oser, p resid en t.
S e cu re d th ro u g h
tw o d irt streets.
h o le s d r ille d in the c o n c r e te sid ew a lk ,
F r o m th is start th e b a n k has g r o w n
th e ca rp e t w ill re m a in in p la ce fo r s e v ­
to its p re se n t size. It n o w has 234 e m ­
e ra l sp ecia l e v e n ts th e b a n k is p la n ­
p lo y e e s. T h e r e s o u r c e s o f th e U n ited
n in g d u r in g th e c o m in g y ea r. T h e fig ­
States N a tion a l B a n k are in e x ce ss o f
u re ‘TOO” is e m b la z o n e d in la rg e w h ite
$100 m illio n d ollars.
n u m e ra ls o n e ith er sid e o f th e ca rp et
n ea r th e b a n k en tra n ce.
P la n s fo r th e ce n te n n ia l y e a r w e r e
Silver Anniversary
o u tlin e d to th e b a n k staff at a re ce n t
T h e A r n o ld State B an k , A rn o ld , N e­
s p e cia l b re a k fa s t m e e tin g at th e F on braska, o b s e r v e d its 25th a n n iv e rs a ry
te n e lle H otel. Staff m e m b e rs jo in e d
r e c e n tly w ith o p e n h ou se.

O


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Heartwell Bank Sold
A b a n k c o n s o lid a tio n w h ic h en ds
h a lf a c e n tu r y o f b a n k in g b y th e
H e a rtw e ll State B a n k w a s c o m p le te d
last m o n th w h e n th e M in d en E x ­
ch a n g e N a tion a l B an k , M in d en , N e­
braska, b o u g h t th e assets an d a ssu m ed
th e lia b ilities o f th e H e a rtw e ll ba n k .
T h e ca p ita l o f th e b a n k w a s liq u id a ted ,
a c c o r d in g to A . C. H o v e , p re sid e n t o f
M in d en E x c h a n g e .
T h e H e a rtw e ll b a n k h ad ju s t c o m ­
p le te d 50 y e a rs o f s e r v ic e o n O ctob er
9 o f th is yea r.
F o r m a n y y e a rs it h a d b e e n o w n e d
an d o p e ra te d b y m e m b e rs o f the
H o b a n fa m ily , lo n g p r o m in e n t in fi­
n a n cia l circle s.
Ja m es H o b a n w a s
p resid en t, J. R. H o b a n w a s ca sh ier,
a n d R o b e r t H o b a n assistan t cash ier.
B eca u se o f a d v a n c in g age a n d s o m e ­
w h a t im p a ire d h ea lth o f th e p r in cip a l
officers it b e ca m e n e c e s s a r y fo r th em
to cu rta il th e ir b u sin e ss a c tiv ity and
th is led to th e d is p o s itio n o f th e ban k.
T h e H e a rtw e ll ba n k , a c c o r d in g to its
latest sta tem en t, h ad d e p o sits o f o v e r
$285,000.

Northwestern Banker, November, 1955

86

you are
C O R R I A L L Y

I A V I T E R

to use these
C O R K E S P O N D E N T l(A .\ K S E R V IC E S
Fast Transit Service
Dependable Credit Information
Safekeeping and Servicing of Securities
Transfer of Funds by Direct Bankwire

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\

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Northwest ern Banker, November, 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Des Moines, Iowa

Member: Federal Deposit Insurance Corporation
Federal Reserve System

87

1 00 tra

H a n k er s
E mu **• ita tie r
P r e s id e n t

3,251 Persons Set New Registration High
To Hear National Figures Discuss Future

By BEN J. HALLER, JR.
Editor
The Northwestern Banker

O W A b a n k e rs a ga in fo r g e d a n ew
re g istra tio n r e c o r d fo r th eir a n ­
n u al Io w a B a n k ers A s s o c ia tio n
C o n v e n tio n w h e n 3,251 p e rso n s a t­
ten d ed th e 69th an n u a l c o n v e n t io n in
D es M oin es last m on th .
E le c te d p re s id e n t o f th e a sso cia tio n
fo r th e c o m in g y e a r w a s State S en a tor
G u y G. B u tler, p re sid e n t o f th e R o lfe
State B a n k at R o lfe . S elected as his
r u n n in g m ate in th e v ic e p r e s id e n c y
fo r 1955-56 w a s W . H. W itte , p resid en t
o f th e A m e r ic a n T ru s t & S a v in g s
B a n k at L o w d e n .
M r. B u tle r su cce e d s B y r o n L. M c­
K ee, e x e c u tiv e v ic e p re sid e n t o f th e

I

M u sca tin e B a n k & T ru s t C om p a n y ,
M u sca tin e, w h o c o n d u c te d affairs o f
th e a sso cia tio n so c a p a b ly th e past
yea r. R e tir in g v ic e p re sid e n t is J oh n
B. K eelin e, p re sid e n t o f th e C entral
T ru s t & S a v in g s B a n k at C h erok ee.
J. V. K e p p le r, e x e c u tiv e v ic e p r e s i­
d en t an d ca sh ie r o f F irs t N a tion a l
B a n k o f D u b u q u e, w a s e lected e x e c u ­
tiv e c o u n c ilm a n o f th e A .B .A . fr o m
Iow a .
H e s u cce e d s J. F . K e n n e d y ,
p re sid e n t o f th e F ir s t N a tion a l B a n k
in N e w H a m p ton . O th er n e w A .B .A .
officers fo r Io w a are: M ax v o n S ch ra ­
der, p resid en t, U n ion B a n k & T ru st,
O ttu m w a, n o m in a tin g co m m itte e m a n ,

LE FT— Seated— Max von Sclirader, president, Union Bank &
Trust, Ottumwa; T. C. Aarestad, president, First National,
Denison, and Russell Howard, president, Mahaska State, Oskaloosa. Standing— Norman B. Shaffer, president, First National,
Iow a City; C. B. McClelland, treasurer, John Morrell & Co.,
Ottumwa; W. W. McCallum, president, John Morrell, Ottumwa;
and Ed Fox, executive vice president, Foxbilt Feeds, Des
Moines.
UPPER CENTER— Helen Rhinehart, assistant vice president,
National Bank of Des M oines; Virginia A. Rehme, president,
National Association of Bank Women, St. Louis; Robert Willits,
assistant vice president, National Bank of Des Moines, and
Margaret I. Hendry, secretary, Home Trust & Savings, Osage.


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Federal Reserve Bank of St. Louis

NEW OFFICERS of the Iowa Bankers Association
are: State Senator Guy G. Butler, president o f the
Rolfe State Bank, new IB A president; and W. H.
Witte, president of the American Trust and Savings
Bank, Lowden, new IB A vice president.
an d C h arles J. S pies, p resid en t, Iow a
T ru s t & S avin gs, E m m e tsb u rg , a lte r­
n ate n o m in a tin g com m itteem a n .
M em b ers o f th e Io w a C lu b o f the
S ch o o l o f B a n k in g ele cte d n e w officers
at th e ir a n n u al lu n ch eon . T h e y are:
G o rd o n H all, assista n t ca sh ier, C iti­
zen s State B ank, W y o m in g , p resid en t;
A u b r e y D. D a ed low , cash ier, M ediapolis S a vin gs B ank, v ic e p resid en t, and
C harles E a stb u rn , assista n t ca sh ier,
Iow a State B a n k & T ru s t C om p a n y,
F airfield , se creta ry -trea su rer. N e w di-

10W A CONVENTION . . .
(T u r n to page 90, p lea se)

LOWER CENTER— Jack S. Porterfield, Geo. LaMonte & Son,
Chicago; Keith Barnett, vice president, Northwestern National,
Minneapolis; Raymond C. Keister, vice president, First Nation­
al, Mason City, and M. A. Arneson, president, Clear Lake Bank
& Trust, Clear Lake.
RIGHT— In Drovers National o f Chicago room. Seated— J. Yvo
Floerchinger, executive vice president, DeW itt Bank & Trust,
D eW itt; Frank Covert, and Leo R. Gruber, president, both of
Drovers National. Standing— Fred D. Cummings, vice president,
Drovers N ational; A. W. Breitbach, cashier, Gilbertville Sav­
ings, Gilbertville; Walter F. Schmidt, vice president, Iowa State
Bank & Trust, Iowa City, and Bernard Miller, Drovers National.
Northwestern Banker, November, 1955

Io w a

News

View s o f th e tow n ¡to o h e r s C onvention

LEFT— Hosts in Bankers Trust of Des Moines room. Seated—
Hugh Van Hosen, assistant vice president; Fred C. Atkins,
vice president and cashier, and C. W. Mesmer, vice president.
Standing— William Ellison, vice president; A. F. Erickson, as­
sistant cashier, and John B. Monahan, assistant vice president.
CENTER— Carl L. Fredricksen, president, Live Stock National,
Sioux City; George H. Haslam, assistant vice president, Hau-

over, New York, and Harold R. Browning, vice president,
United States National, Omaha.
RIGHT— Mrs. Jay Blackford, Mrs. C. B. McClelland, both of
Ottumwa, Mrs. Russell Howard o f Oskaloosa, and Mrs. George
Morrell, Ottumwa. Standing— H. Clifton Whiteman, assistant
treasurer, and Frank Sandstrom, second vice president, both of
Guaranty Trust, New York.

LEFT— Hosts in Continental Illinois of Chicago room. Seated—
Lee Parkin, second vice president; Merle G. Glanville, vice
president, and Art Frey, vice president. Standing— Arthur L.
Jackson, Jr., and John Falvey, assistant cashiers.

Lew Ross, president, Council Bluffs Savings Bank, Council
Bluffs.
UPPER RIGHT— James F. McPherson and James F. Mack,
vice presidents, City National, Kansas City.
LOW ER RIGHT— Charles H. Walcott, vice president, Security
National, Sioux City, and Everett Stock, cashier, Citizens First
National, Storm Lake.

CENTER— Frank R. Warden, vice president, Central National
Bank and Trust, Des Moines; Mrs. Warden; Mrs. Lew Ross, and

LEFT— Probably the largest single fam ily delegation was the
Houghtons. Seated— Cole H. Houghton, vice president, Hough­
ton State, Red Oak; Mrs. H. C. Houghton; H. C. Houghton, chair­
man, Houghton State, Red Oak, and Mrs. Cole Houghton. Stand­
ing— Mrs. H. C. Houghton I I I ; H. C. Houghton III, vice presi­
dent, First National, Crestón; Mrs. Clark Houghton, and Clark
Houghton, vice president, First National, Iowa City.
CENTER— C. M. Wegman, F.D.I.C. examiner, and J. L. Camp­
bell, Jr., assistant cashier, Humboldt Trust & Savings, Hum­
boldt.
Northwestern Banker, November, 1955


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Federal Reserve Bank of St. Louis

UPPER RIGHT— V. A. Weirather, assistant cashier, Marion
County State, Pella; C. O. Macy, vice president, First State,
Lynnville; W. L. White, director, Oakland Savings, Oakland,
and Yates Allen, president, First State, Churdan.
LOAVER RIGHT— Mrs. W. L. Baggs, Garner ; Mrs. Vinal Mc­
Coy, Iowa Falls; Mrs. Leo Jorgensen, Iow a Falls; Jack Hiemmerle, assistant cashier, First National, Chicago; Mrs. H. L.
Ollenburg, Garner, and Henry Visser, executive vice president
and cashier, First National, Hawarden.

89

ADEQUATE FACILITIES
PLUS
THE PERSONAL INTEREST
TO SERVE YOU BETTER

VALLEY BANK AND TRU ST COMPANY
D E S

M O I N E S

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION


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Federal Reserve Bank of St. Louis

Northwestern Banker, November, 1955

90

Iowa News

intra H a n kers C onvention
(C o n tin u e d fr o m p a g e 87)
F o r t D es M oin es b a llro o m . T h is m e e t­
in g has b e c o m e on e o f th e m o st im ­
p o rta n t an d in fo r m a tiv e session s d e ­
v e lo p e d d u r in g re ce n t yea rs. A d d e d
im p o rta n ce w a s g iv e n to th is y e a r ’s
m e e tin g du e to la g g in g fa rm in com e,
an d a U n ited S tates S enate in q u ir y
in to th e fa rm situ a tio n b e in g c o n ­
d u cte d in D es M oin es at th e sam e tim e
as th is co n v e n tio n .

re cto rs are: B ill D egm a n , P a lo A lto
C o u n ty State B ank, E m m e ts b u rg ; Joe
K n o ck , p resid en t, Io w a State S avin gs
B ank, C reston ; M ik e C ostello, a ssist­
an t ca sh ier, Iow a -D es M oin es N a tion a l
B ank, D es M oin es, and R o b e r t B u n n ,
assistan t ca sh ier, N ew ton N a tion a l
B ank, N ew ton .
F ir s t ord e r o f b u sin ess fo r th e c o n ­
v e n tio n w a s th e a n n u al A g r icu ltu ra l
B re a k fa st C o n fe re n ce , at w h ich n a ­
tio n a lly p r o m in e n t sp ea k ers add ressed
a n o th e r o v e r flo w c r o w d in th e H otel

X|UTüt>Ay

(-1er),

far

A g rea t d ea l o f e m p h a sis w a s laid
on th e n eed fo r d e v e lo p in g p r o p e r
ty p e m ea t h og s so th at fa rm e rs w ill

quibbles* to
10

induis
^... „
use of equ♦
ivo'c•
aU
tioT
n,o—qn
ib'bler

carta, etc. c Fresh: bradnt? T S 1 »«aung, ~~sata ot sand*
trot. 4L Hence; a l S t martVn
as>,a aw«'«*
wick wit. b Hafty; a? a
ready; as. a
begunand terminated-n a« Uh J-P
f e!‘ C-la,k!rU i!lacktaphlfy;
perceptive in a h«h decree;

pregnant; as, quick with child
Sc« LIVING.

1

ear*

Productive; c m .,

(2) See f a s t .

litf

living.
... ..... ....
a quicker, 3. Sensitive living flesl
qmc.v; hence, avital part.
“w
*f;. Arcàofe. Toanimate; stir up.
...«ptékTy, cdp. —quickdiess, «.

qtti<

m eet th e d em a n d s o f th e b u y in g p u b ­
lic, ra th er than fa tte n in g h og s m e re ly
fo r p o u n d a g e a lon e.
T e c h n ic a l d is­
cu ssio n s ce n te r in g on feed , ca re and
m a rk e tin g w e r e g iv e n b y se v era l e x ­
p erts in th ese fields, and w e r e w ell
re c e iv e d b y th e la rge au d ien ce.
T h e c o n v e n tio n again p ro d u ce d a
num ber
of
th o u g h t -p r o v o k in g
s p eech es on im p o rta n t to p ic s to o fr e ­
q u e n tly n o t id en tified w ith b a n k in g
d ire ctly , b u t w h ic h a ctu a lly c o n c e r n
e v e r y citizen . T h e n e e d fo r b a n k ers
a c c e p tin g le a d e rsh ip in m a n y o f th ese
efforts w a s b r o u g h t ou t b y th e sp ea k ­
ers.
A m o n g th ese to p ic s w e r e c iv il d e ­
fen se, toll road s, d e v e lo p in g n e w h ig h ­
w a y sy stem s an d fin a n cin g th em , im ­
p o rta n ce o f n e w resea rch , n a tion a l se­
c u r ity and th e tre a s u ry p ictu re, and
d o m e s tic and fo r e ig n p olicie s.
T h e b a llr o o m re m a in e d p a ck e d d u r­
in g p r a c tic a lly e v e r y session , attestin g
to th e e x c e lle n c e o f th e p ro g ra m and
th e q u a lity o f th e sp e e ch e s a ctu a lly
d e liv e re d . P r o o f o f th is ca m e on the
final m o r n in g w h e n C arl S a n d b u rg
w o u n d u p th e c o n v e n tio n p ro g ra m
w ith his d is cu s s io n o f “ T h e U n fa th ­
o m e d L in c o ln .”
H is ca su a l m a n n er
o f ta lk in g len t an air o f clo se n e ss b e ­
tw e e n his a u d ie n ce and h im s e lf that
k ep t e v e r y p erson k e e n ly in terested to
th e en d.— $$

M E R MCU THU AAL N T S

A ct

One o f the many advan­
tages of the First National
Bank’s correspondent service
is their QUICK ACTION .
Years of handling
every

BONDING
COMPANY
I n c o r p o r a t e d 19 3 3

QUICK CORRESPONDENT BANKING SERVICE

Home Office
2100 GRAND AVENUE

banking problem have given
them the experience to DE­
LIVE R the best service in
the shortest possible time.
JO E T. GR A N T
President
H A R O LD V . B U LL
Senior V ice Pres.
W IL L IA M L. TE M PLE
V ice Pres.
E A R L E. SN E LL
V ice Pres.

H A R O LD H.
Cashier
EDW ARD V.
Asst. V ice
E R N E ST A.
Asst. V ice
E R N E ST A .
A sst. V ice

STR IFE R T,
H O FFM AN
Pres.
JOH N SO N
Pres.
K E N N Y , JR.
Pres.

H OM ER V . G A R R E T S O N
Asst. Cashier
GEORGE D. V IN S O N
Asst. Cashier
M E R LE H. JO H N SO N
Trust Officer
M E L V IN L. F IL K IN S
Auditor

D e s M o i n e s , Io w a

T h i s is I o w a ’ s o l d e s t s u r e ty c o m p a n y .
A

p r o g r e s s iv e

com pany

w it h

e x p e r i­

e n c e d , c o n s e r v a t iv e m a n a g e m e n t .
We

are

p rou d

of

our

th r e e

h u n d red

b a n k a g e n ts in I o w a .
To

b e th e e x c lu s i v e r e p r e s e n ta tiv e

of

th is c o m p a n y is an asset to y o u r b a n k .

E. H . W A R N E R

President and Manager

N ational Bank

in

ME MB E R

FEDERAL

DEPOSI T

I NSURANCE

CORPORATION

ME MB E R

FEDERAL

RESERVE

SYSTEM

Nort hwest ern Banker, November,


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Ï9 5 5

Si o u x c i t y

W . W . W ARNER

Secretary-Treasurer

Iowa News

91

a n on v a r io u s co m m itte e s
i'u n d id n tes
fo r P resid enaso ftthchea irm
state a sso cia tio n .— $$
iotvu if a n k ers A sso c ia tio n —
Named A.B.A. Vice President
C. H O U G H T O N , ch a irm a n o f
M r. H o u g h to n is a gra d u a te o f th e
• th e b oa rd , H o u g h t o n
State U n iv e r s ity o f W is c o n s in ; is p resid en t,
B an k , R e d Oak, Iow a , a n d M ertonR eJ.
d O ak B u ild in g & S a v in g s A s s o c ia ­
K lau s, p resid en t, F ir s t S e c u r ity B a n k
tion ; ch a irm a n , R e d O ak A ir p o r t C om ­
and T ru s t C om p a n y , C harles C ity,
m ission ; ch a rte r m e m b e r, R e d Oak
Io w a , h a v e b een u rg e d b y th e ir b a n k ­
R o ta r y C lub, and trea su rer, C ity o f
in g frie n d s to b e c o m e ca n d id a tes fo r
R e d O ak an d th e R ed Oak In d e p e n d e n t
th e p r e s id e n c y o f th e Io w a B a n k ers
S c h o o l D istrict.
A s s o c ia tio n fo r th e y e a r b e g in n in g in
M r. K la u s ’ b a n k in g e x p e r ie n c e c o v ­
1956.
ers a p e rio d o f m o re th a n 30 y ea rs. H e
has se rv e d as s e c r e ta r y and a lso as
ch a irm a n o f G rou p 3 o f th e Iow a
B a n k ers A s s o cia tio n . H e has se rv e d

H

C. H . W a lsh , p re sid e n t o f F a rm ers
& M erch a n ts S a v in g s B an k , B u r lin g ­
ton , Iow a , has b een a p p o in te d v ic e
p re sid e n t o f th e A m e r ic a n B a n k ers
A s s o c ia tio n fo r the state o f Iow a , ac­
c o r d in g to F r e d F. F lo r e n c e , n e w ly
ele cte d p re sid e n t o f th e a ssocia tion
and p re sid e n t o f T h e R e p u b lic N a­
tio n a l B a n k o f D allas, T exa s.
Mr. W a ls h w ill h a v e th e r e s p o n s ib il­
it y o f m e m b e rs h ip a ctiv itie s on b e h a lf
o f th e A .B .A . and w ill m a in ta in lia ison
b e tw e e n th e n ation a l a ssocia tion and
in d iv id u a l b a n k s in Iow a .

D R O V E R S L O C A T IO N
MAKES IMMEDIATE CREDIT
POSSIBLE ON LIVESTOCK PROCEEDS

The D rovers N ational Bank* is located at
Chicago’s Union Stock Yards. We give our corre­
spondents immediate credit for proceeds of live­
stock sold on the Chicago market by their farm
customers. Let us help speed up the availability
of your funds.
We invite your inquiry.
*The Drovers National Bank is a direct member of the Chicago Clearing
House Association and the Federal Reserve System. It has provided
continuous service to correspondent banks since February 12, 1883.

M. J. K L A U S

M r. H o u g h to n , v ic e p re sid e n t o f th e
a s s o cia tio n in 1947-48, started his b a n k ­
in g ca re e r in 1906 w h e n he b e ca m e
ca s h ie r at th e H o u g h to n State B ank.
In 1925 he b e ca m e p resid en t, an office
h e reta in ed u n til b e c o m in g ch a irm a n
o f th e b o a rd in 1954. H is th re e son s
a lso are in b a n k in g , H. D. H o u g h to n
b e in g p re sid e n t an d C. H. H o u g h to n ,
v ic e p resid en t, o f th e H o u g h to n State
B ank, an d H. C. H o u g h to n , v ic e p r e s i­
den t, F ir s t N a tion a l B an k , Io w a C ity.

YOUR STATE BANKERS ASSO CIATIO N
O FFICIA L SAFE, V A U L T AN D
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.
OMAHA


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Federal Reserve Bank of St. Louis

Drovers Hanks
Drovers National Bank and Drovers Trust & Savings Bank

UNION STOCK YARDS, CHICAGO 9, ILLINOIS
Members, Federal Deposit Insurance Corporation

COMBINED RESOURCES OVER ONE HUNDRED MILLION DOLLARS
Northwestern

Banker,

November,

1955

92

Iowa News

Views

o f th e Io w o lion h ers

LEFT— Russell Prudden, editor of Prudden’s Digest, covered
the convention for his paper.
CENTER— Hosts in First National o f Chicago room: Seated—
Vic Von Meding, assistant vice president; Raymond Becker,
vice president, and Ray Dieball, representative. Standing—

Edward Thum, and Jack Hemmerle, assistant cashier.
RIGHT— Cecil Lyon, vice president, First National, Omaha;
Arch Wheeler, vice president, Union National, Kansas City,
and Ed F. Buckley, president, Central National Bank & Trust,
Des Moines.

LEFT— Valley Bank and Trust o f Des Moines officers who
entertained at noon luncheon: Seated— Winfield W. Scott,
president; Edward Burchette, chairman, and Edward P. Kautzky, vice president. Standing— Neal Sands, J. Locke Macomber,
Roy Huber, Robert McGee and J. R. Astley, vice presidents.
CENTER— General Matthew B. Ridgway and Fred F. Florence,
A.B.A. president, visit before appearance on speakers platform.

RIGHT— Seated— C. R. Atwell, president, Mount Pleasant Bank
and Trust, Mount Pleasant; J. M. Potter, vice president, and
Robert B. Silleck, assistant vice president, both of First
National City, New York, and Clarence Reid, director, Farmers
State Bank, New London. Standing— Art Sanders, director, and
C. L. Jennings, president, Iowa State, New London; B. Douglas
Hill, assistant vice president, First National City, New York.

LEFT—C. Floyd Harris, president o f the State Bank of Gladbrook; L.. J. Schuster, chairman, Clinton National, Clinton, and
John M, Davis, assistant vice president, City National, Chi­
cago. Standing—Ralph W. Zabel, president, First National,
Lenox; A1 Lindgren, vice president, City National, Chicago,
and L. J. Derflinger, president, Clinton National.

LOW ER CENTER— Henry Stuhlmiller, president, State Sav­
ings, Fontanelle; Clyde Rochholz, president and cashier, Ex­
change Bank o f Adair, and Albert Baudler, director, State Sav­
ings, Fontanelle.
RIGHT— A. J. Hill, president, First National, Newell; Jim
Grotenhuis, cashier, Security State, Stanton, and J. M. Burch,
Jr., president, Dubuque Bank & Trust. Standing— Gerald O.
Nelson, vice president, Harold P. Klein, vice president, and
Michael J. Costello, assistant cashier, all of Iowa-Des Moines
National, Des Moines.

UPPER CENTER— Ken Martin, vice president, and Dick
Weyrauch, assistant cashier, both of First National, Minne­
apolis.
Northwestern
Banker, November, 1955

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Iowa News

LEFT— Leo R. Gruber, president, Drovers National, Chicago;
Robert A. Zentner, vice president, First Wisconsin National,
M ilwaukee; Frank Covert, Drovers National, Chicago, and
Donald A. Harper, vice president, First Wisconsin National,
Milwaukee.
CENTER— Paul Waterman, vice president, Security-First
National, Los Angeles; Holland Chalfant (standing), assistant
vice president, Mercantile Trust, St. Louis; J. E. King, presi­
dent, Peoples National, Albia, and Mack Aldrich, vice presi­
dent, Mercantile Trust.

93

RIGHT— Seated clockwise from left front— Mrs. Burchfield ;
Rae V. Burchfield, vice president, Farmers State, Yale; Elmer
H. Mertz, executive vice president, Hayesville Savings, Hayesville; William B. Whitman, assistant vice president; Charles C.
Kuning, vice president, both of American National, Chicago;
L. J. Schuster, chairman, Clinton National, Clinton; L. J.
Derflinger, president, Clinton National, and H. C. Bierwirth,
president and cashier, Community State, Whiting. Standing—
William O. Kurtz, Jr., vice president, and Everett C. Dovale,
assistant vice president, both of American National, Chicago.

To Merchants National Board
G e o rg e C. F o e rs tn e r, v ic e p re sid e n t
a n d g e n e ra l m a n a g e r o f A m a n a R e ­
frig e ra tio n , w a s r e c e n tly ele cte d a
m e m b e r o f th e M erch a n ts N a tion a l
B a n k b o a rd o f d ire cto rs , C edar R apid s.
H is e le c tio n to fill a v a c a n c y b r o u g h t
th e b o a r d ’s m e m b e r s h ip to 22, b a n k
sp o k e s m e n re p orted .

Buy LaPorte City Bank
M r. an d M rs. H. E. L o n g o f L e o n ,
Io w a , a n n o u n ce d th e y h a v e p u rch a se d
th e c o n tr o llin g in te re st in th e L a P o rte
C ity State B a n k at L a P o r te C ity.
M r. L o n g has b e e n n a m ed p re sid e n t
o f th e b a n k b y th e b oa rd o f d ire cto rs.

Statement of Condition
October 5, 1955
A S S E T S

Cash on Hand and on Deposit with Banks.................$10,688,791.09
United States Government Securities......................... 10,627,991.31
Other Bonds and Securities...........................................
353,182.00
Loans and Discounts....................................................... 14,623,566.59
Commodity Credit Corporation Loans.........................
5,299.13
Security National Bank Building, Vault and Fixtures
438,193.82
Federal Reserve Bank Stock.........................................
60,000.00
Other Assets ....................................................................
13,193.24

Joins Independence Staff
J. S. L u th e r o f W in th r o p , Iow a , fo r ­
m e r m a n a g e r o f th e W in th r o p office o f
th e F a rm e rs State S a v in g s B a n k in
In d e p e n d e n ce , has b e e n e m p lo y e d at
th e F a r m e r s State S a v in g s B a n k in
In d e p e n d e n ce .

$36,810,217.18
L I A B I L I T I E S

Capital ...............
Surplus ...............
Undivided Profits

............................ $ 1 ,000 ,000.00
........................................

1 , 000 . 000.00

.........................

256,183.11

Total Capital Account.....................................................$ 2,256,183.11
Deposits ............................................................................ 34,554,034.07
$36,810,217.18
O F F IC E R S
Charles R. Gossett, P resident
B. M . W h e e lo ck , Senior V ic e P resident
A lb ert C. E ckert, V ic e P resident
Charles H. W a lc o tt, V ic e P resident
Paul Snyder, V ice P resid ent
O rville Boe, Cashier
Frank H. A bel, A ssista n t Cashier
Patrick F. Cook, A ssista n t Cashier
V . H. Cassem, A ssistant Cashier
W illia m T . H ubbard, A uditor

REAL ESTATE DEPARTM EN T
D aniel L. M iddleton , V ic e P resident
E. B arlow R id ley , A ssista n t Cashier
PERSO N AL LOANS
E dward C. T hom pson, Jr., V ic e P resid ent
L. M ilton V anderstow e, A ssista n t Cashier
A llan L. Grefe, A ssista n t Cashier
T R U S T O F F IC E R S
H ow ard L. Johnson, V ic e P resid ent and
Trust Officer

L. C. Jensen, A ssista n t T rust Officer

Security National Bank
BROTHERS

of Sioux City
Member Federal Deposit Insurance Corporation

G R A N D A V E . AT F O UR T H

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, November, 1955

94

Iowa News

Iles Moines News

zky, v ic e p resid en t, V a lle y B a n k and
T ru st, and George A. Moeckley, v ice
p resid en t, B a n k ers T rust.
S ch ed u led to atten d th e F P R A C on ­
v e n tio n in H o lly w o o d , F lorid a , are
George Nelson an d Frank Warden,
v ic e p resid en ts, C en tra l N ation al, and
M. M. McMichael, v ic e p resid en t, Iow aD es M oin es N ation al.
A tte n d in g th e In v e s tm e n t B a n k ers
C o n v e n tio n in F lo r id a w ill b e Mr.
W ard en , C en tral N ation al.
* ^

A

T T H E re ce n t c o n v e n t io n in C hi­
ca go, Charles Clift, v ic e p resid en t,
Iow a -D es M oin es N a tion a l B ank, w a s
a p p o in te d to th e in sta llm en t cre d it
c o m m itte e o f th e A m e r ic a n B a n k ers
A s s o cia tio n b y P re sid e n t Fred F. Flor­

ence.
Gerald Nelson, v ic e p resid en t, w as
r e a p p o in te d to th e c o m m itte e on fe d ­
eral fiscal p r o ce d u re s , and Harold
Klein, v ic e p resid en t, w a s re a p p o in te d
to th e p u b lic re la tio n s c o u n c il o f the
a sso cia tio n and to th e c o u n c il’s c o m ­
m ittee on p u b lic ed u ca tion .
* * =K
T h e a n n u a l B la ck b u rn S h oot s p o n ­
s o re d b y th e Iow a -D es M oin es N ation E. T. Meredith’s c o u n t r y h o m e on
al B a n k w a s h eld last m o n th at Mrs.
B e a v e r R oad, D es M oin es. M em b ers
o f th e b a n k sta ff an d th e ir h u sban ds,
w iv e s an d c h ild r e n a tten ded. P rizes
w e r e a w a rd ed th e b e st m a rk sm e n and
th e re w a s p le n ty o f fo o d fo r all. P rizes

P a n el

w e r e a lso a w a rd ed fo r a tten d a n ce and
to th e ch ild ren .
C h a irm a n o f the
e v e n t w a s Ray Garns, a ssistan t ca sh ­
ier, in sta llm e n t loan d ep a rtm en t.
*
*
F a ll m eetin g s are on tap fo r m en o f
the D es M oin es b a n k s w ith m a n y ju s t
fin ish ed and m a n y still ah ead o f th em .
F. H. Quiner, v ic e p resid en t, C en tra l
N a tion a l B ank, and J. R. Astley, v ic e
p resid en t, V a lle y B a n k and T ru st, at­
ten d ed th e 42nd a n n u a l c o n v e n t io n o f
th e M o rtg a g e B a n k ers A s s o c ia tio n in
L os A n g e le s.
I. L. Wright, tru st officer, and S. G.
Barnard, s e c r e ta r y an d tru st officer,
B a n k ers T ru st, a tten d ed th e M id c o n ti­
n en t T ru s t C o n fe r e n c e in H o u sto n
e a rly th is m on th . A tte n d in g th e R o b ­
ert M orris A s so cia te s C o n v e n tio n in
C h ica g o are James R. Brown, v ic e
p resid en t, Iow a -D es M oin es N ation al;
Irwin Abram an d W. G. Kane, v ic e
p resid en ts, C entral N a tion a l; Ed Kaut-

Rolfe O. Wagner, ch a irm a n o f the
b oa rd o f d ir e c to r s o f th e C apital C ity
State B ank, D es M oin es, w a s h o n o re d
last m o n th b y th e b o a rd o f d ire cto rs
o f th e Iow a M eth od ist H osp ita l, Des
M oin es, a fte r s e r v in g 25 y e a rs on the
h o s p ita l’s boa rd .
Mr. W a g n e r w a s a w a rd e d a p la q u e
in r e c o g n itio n o f his se rv ice , 20 y ea rs
o f w h ic h h a v e b een as p re sid e n t o f
the b o a rd o f d irectors.
* * *
A t th e re ce n t m e e tin g o f th e b oa rd
o f d ire cto rs o f th e F ir s t N ation al
B ank, W e s t D es M oin es, Iow a , it w a s
v o te d to in crea se th e su rp lu s o f the
b a n k fr o m $175,000 to $200,000. T his
g iv e s th e b a n k ca p ita l an d su rp lu s
to ta lin g $250,000. T h e b o a rd a lso ap­
p r o v e d a 6 p er ce n t d iv id e n d p a y a b le
N o v e m b e r 16, a c c o r d in g to R. M. Messerschmidt, b a n k p resid en t.
*

*

Calvin W. Aurand, p re sid e n t o f the
Iow a -D es M oin es N a tion a l B ank, Des
M oin es, has a n n o u n ce d th e ele ctio n o f

David Kruidenier,
Jr., as a m em b er
o f th e b a n k ’ s
b o a r d o f d ir e c ­
tors.
Mr. K ru id en ier,
v i c e p r e s id e n t
an d d i r e c t o r o f
p r o m o tio n an d re ­
sea rch o f the R e g ­
ister and T rib u n e
C o m p a n y , D es

iH scu sses L oa n s at A .L it .

D. K R U I D E N I E R

Gardner

Cowles, p re sid e n t

su cceed g

of

th at

co m p a n y .

PANEL MEMBERS at the first American Institute of Banking Seminar for the fall
season in Des Moines, Iowa, were, left to right. Milton Darr, Jr., vice president of the
La Salle National Bank, Chicago, and president of the Chicago Chapter of the American
Institute o f Banking; Douglas S. Seator, assistant vice president, Harris Trust and
Savings Bank, Chicago; L. A. Rodenbaugh, Jr., vice president of the host bank, the
Iowa State Bank, Des Moines; Orville M. Garrett, vice president, Iowa-Des Moines
National Bank, Des Moines; and Edward P. Kautzky, vice president, Valley Bank and
Trust Company, Des Moines. More than 130 persons were in attendance to hear the
panel discuss the installment loan picture today. Refreshments were served after the
meeting.
Nort
hwest ern Banker, November, 1955

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Mr. C ow les, w h o has s e rv e d o v e r 15
y e a rs as a b o a rd m e m b e r o f th e bank,
is re tir in g b e ca u se o f h is in a b ility to
be in D es M oin es fr e q u e n tly en ou g h
at th e tim e o f th e b a n k ’s b oa rd m eet­
ings.
Mr. K r u id e n ie r is a lso v ic e p resid en t
an d d ir e c to r o f C o w le s B ro a d ca stin g
C om p a n y , tru ste e an d e x e c u tiv e c o m ­
m ittee m e m b e r o f G rin n ell C ollege,
tru stee o f E d m u n d s o n A r t F o u n d a ­
tion , In c., an d is a ctiv e in a n u m b er
o f o th e r c iv ic an d ch a rita b le o rg a n i­
zation s.
H e is a g ra d u a te o f Y ale
U n iv e r s ity an d th e H a rv a rd B usiness
S ch o o l.— $$

Io w a

News

95

YuH ey tinnii iH sp lu ys **

covered with beautiful Trapunto draperies. Friezes are replicas
of those on the Parthenon. The gentlemen in this photo from
left to right are: J. Locke Macomber, vice president and trust
officer; Neal A. Sands, vice president; Edward P. Kautzky, vice
president; and Mr. Burchette. Diffused luminous ceiling light­
ing lias been installed in the lobby, photo at right, and the
former terrazzo flooring has been covered with heavy carpeting
to reduce noise.

COMPLETION of tlie remodeling o f the Valley Bank and
Trust Company, Des Moines, has been announced by Edward
Burchette, chairman of the board. In photo at left is a
specially made Williamsburg type chandelier in the entrance
vestibule, and to the extreme left is an Italian stone garden
figure with planters. In center photo are several of the new
blond oak desks and yellow leather chairs against a background
o f a traditional theme with Greek motifs. Windows are

Moorhead Bank Sold

Timothy Turner

J. R a y H u b b a rd o f M oorh ea d , Iow a ,
h as so ld h is in te re s t in th e M oorh ea d
S tate B a n k to W . B. H a rg le ro a d o f
O m aha, N eb ra sk a . T h e r e w ill b e n o
c h a n g e in th e p e r s o n n e l o r o p e r a tio n
o f th e ban k . M r. H u b b a rd has b een
co n n e c te d w ith th e b a n k fo r 35 y ea rs
as ca sh ie r an d v ic e p resid en t.

P riv a te se r v ic e s w e r e h eld th is past
m o n th fo r T im o t h y T u rn e r, 91, b a n k ­
er, w h o died in a C o u n cil B lu ffs h o s p i­
tal a fter a b r ie f illn ess.

M em ber F ederal D ep osit
Insurance C orporation

MARQUETTE
SEVENTH STREET
AT MARQUETTE

S ta n ley W . E v a n s, v ic e p resid en t.
T h e L iv e S to ck N a tion a l B an k , S iou x
C ity, Iow a , has b een a p p o in te d to the
a d v is o r y c o u n c il o f th e A d u lt E d u c a ­
tio n In stitu te o f S io u x C ity, Iow a .
T h is in stitu te is fin a n ced th r o u g h a
sp ecia l g ra n t fr o m th e F o r d F o u n d a ­
tio n fo r A d u lt E d u ca tion .

NEW HOME

P R U D D E N ’ S DIGEST
of

In v e stm e n t

S e r v in g b a n k e r s

fo r

20

and

B a n k in g

y e a r s — w id e ly

O p in io n s

read

th ro u g h o u t

Io w a .

AUTHORITATIVE — INFORMATIVE — PROVOCATIVE
120 Broadway, New York 5, N. Y.

Scarborough’s Loss Prevention program will save your

|

bank many headaches and many dollars. It is yours

|

along with the broadest protection at the lowest cost.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

H e w a s b e lie v e d to be Io w a ’s old est
a ctiv e b a n k er.

STRONG FRIEND OF THE
INDEPENDENT BAN KER”

To Advisory Council

T h e in stitu te w ill in itia te an eigh tw e e k T V p r o g r a m c o v e r in g S io u x C ity
o p p o r tu n itie s in in d u stry , a g ricu ltu re,
reta il, cu ltu ra l, ed u ca tion , g o v e r n m e n t
and tra n sp o rta tio n .

F o u n d e r o f C ity N a tion a l B ank,
C o u n cil B lu ffs, Io w a , h e w a s ch a irm a n
o f its b o a rd o f d ire cto rs.

ip Scarborough <Sl
Company
c°

unselors to Banks

FIR S T N A T IO N A L BAN K B U ILD IN G • C H IC A G O 3, IL L IN O IS . STate 2 -4 3 2 3

tlcrth w e ste rn Banker, November, 1955

96
H

H a n o v e r B a n k , T h e . ....................................... 43
H a r r is T r u s t an d S a v in g s B a n k ........... 41
H u m m er, W a y n e , a n d C o m p a n y ................ 53

WANT ADS

Rates 20 cents per word per
insertion. Minimum: 10 words.

I
I n v e s t o r s D iv e r s ifie d S e r v ic e s , I n c ......... 52
I o w a - D e s M o in e s N a tio n a l B a n k ............ 100
I o w a L it h o g r a p h in g C o m p a n y ................ 96
I r v in g T r u s t C o m p a n y ...............................
9

NORTHWESTERN BANKER
306 15th St. Des Moines, Iowa

Ju ra n

& M o od y , I n c .................................... 48-49

K

A

C A R E E R W IT H A F U T U R E
W e need 2 you ng men between the
ages o f 24 and 35 to train as sales and
trainin g consultants in our bank m a­
chine sales division. S tart at salary o f
$350 a month. A nticipated earnings in
fe w years should be $10,000 or more.
K now ledge o f bank w ork w ill be valu ­
able to you in this job . A ll inquiries
kept confidential. F or com plete details
contact Russ Carter, T erritory M anager,
A ccoun ting M achine Division, N ational
Cash R egister Company, 1019 W alnut
Street, Des Moines, Iowa.

J

NOVEMBER. 1955

A c o r n P rin tin g - C o m p a n y ...........................
A llie d M u tu a l C a s u a lty C o m p a n y ...........
A m e r ic a n E x p r e s s C o m p a n y ....................
A m e r ic a n T r u s t C o m p a n y —
San F r a n c is c o ...............................................
A m e r ic a n T r u s t a n d S a v in g s B a n k —
D u b u q u e ..........................................................
A m e r ic a n C a n ce r S o c ie ty ...........................

96
59
54
50
96
70

K o c h B r o th e r s

.................................................

93

I.

L a M o n te , G e o r g e & S on s ...........................
L a w r e n c e W a r e h o u s e C o m p a n y ...........
L e F e b u r e C o r p o r a t io n ..................................
L iv e S to c k N a tio n a l B a n k — C h ic a g o . .
L iv e S to c k N a tio n a l B a n k — S io u x C it y .

3
69
99
28
66

M

it
B a n k o f A m e r ic a ............................................. 27
B a n k o f M o n tre a l .......................................... 42
B a n k o f N ew Y o r k ........................................ 29
B a n k B u ild in g an d E q u ip m e n t C o r p .. . .4 -5
B a n k e r s S e c u r ity L ife I n s u r a n c e ........... 56
B a n k e r s S e r v ic e C om p a n y , I n c .................. 96
B a n k e r s T ru s t C o m p a n y — D es M o in e s .. 86
B u r r o u g h s C o r p o r a t io n , T h e .................... 33

M a n u fa c t u r e r s T r u s t C o m p a n y ........... 35
M a r q u e tte N a t io n a l B a n k ........................... 95
M e rc h a n ts M u tu a l B o n d in g C o m p a n y .. 90
2
M e rc h a n ts N a tio n a l B a n k ......................
M id la n d N a tio n a l B a n k ............................... 64
M in n e s o ta C o m m e r c ia l M en ’ s
A s s o c ia t io n ...................................................... 64
M o n r o e C om p a n y , T h e ............................. •• 42
M o s le r S a fe C o m p a n y .............................. 46-47
M u tu a l F ir e a n d A u t o m o b ile I n s u r a n c e
C o m p a n y .......................................................... 58

C
D E S IR E F A R M S E R V IC E P O S IT IO N
H ave w ide experience and trainin g in
fa rm managem ent, appraisals and loans.
W rite A K L , c /o N orthw estern Banker,
306 15th Street, Des Moines 9, Iowa.

WHO W ENT WHERE?

. . . W HEN?

(1) M issing persons located
(2) Investigations
(3) Surveys (4) Shopping service (5) Shadowing

S H O A F S T A L L D E T E C T IV E SE R V IC E

Licensed — Bonded
N ational A gen cy Connections
529 Flynn Bldg.
Ph. 3-6344 or 9-0140
Des Moines, Iowa

C e n tr a l B a n k a n d T r u s t C o m p a n y —
D e n v e r ...............................................................
C e n tr a l N a tio n a l B a n k a n d T r u s t
C o m p a n y — D e s M o in e s .............................
C e n tr a l R e p u b lic C o m p a n y .........................
C e n tr a l S ta te s H e a lth a n d A c c id e n t
A s s o c ia t io n ......................................................
C e n tr a l S ta te s M u tu a l I n s u r a n c e
A s s o c ia t io n ......................................................
C h a se M a n h a tta n B a n k , T h e ..................
C h e m ic a l C o r n E x c h a n g e B a n k ..............
C h e r n e y a n d A s s o c ia t e s , In c., W illia m . .
C h ile s -S c h u t z C o m p a n y ...............................
C h r is tm a s C lu b a C o r p o r a t io n ................
C ity N a tio n a l B a n k a n d T r u s t
C o m p a n y — C h ic a g o ....................................
C ity N a tio n a l B a n k an d T r u s t
C o m p a n y — K a n s a s C ity ...........................
C o lo r a d o I n s u r a n c e G r o u p .........................
C o n t in e n ta l I llin o is N a t io n a l B a n k an d
T r u s t C o m p a n y .........................; .................
C o n t in e n ta l N a tio n a l B a n k — L in c o ln . .

N

79
12
53

Des Moines Savings

57
6
37
64
82
73
32
30
57
31
83

D a v e n p o r t , F . E. a n d C o m p a n y .......... 83-91
D e L u x e C h e c k P r in te r s , I n c ........................ 36
D e s M o in e s S a v in g s an d L o a n
A s s o c ia t io n ...................................................... 96
D ie b o ld , I n c ........................................................... 39
D r o v e r s N a t io n a l B a n k ............................. 91

and Loan Association
Current
High
3%
Dividend
210 6th Ave.

Investments
Insured
To

$ 10,000
Dial 2-8303

F

F ir s t N a t io n a l B a n k — C h ic a g o ................ 60
F ir s t N a t io n a l B a n k — K a n s a s C ity . . . . 34
F ir s t N a tio n a l B a n k — L in c o ln ................ 82
F ir s t N a t io n a l B a n k — O m ah a .................. 85
F ir s t N a t io n a l B a n k — S io u x C i t y ........... 90
F ir s t N a tio n a l C ity B a n k
o f N ew Y o r k ..............................................44-45

BANKS

O

56

1)

■Oldest in Des Moines-

N a tio n a l A u t o m o b ile D e a le r s U sed C ar
G u id e C o m p a n y .......................................... 72
N a t io n a l C ash R e g is t e r C o m p a n y . . . . 16
N o r th w e s t e r n N a t io n a l B a n k ............... 63
O m ah a N a tio n a l B a n k

...............................

31

P r in c e G e o r g e H o t e l ......................................
P r u d d e n ’ s D ig e s t ......................

72
9i>

P
It
R e c o r d a k C o r p o r a t io n ............................ 10'o o
R o y a l B a n k o f C a n a d a .................................. 38
S

St P a u l-M e r c u r y I n d e m n ity C o m p a n y . . 59
St P a u l T e r m in a l W a r e h o u s e C o m p a n y
S
S c a r b o r o u g h a n d C o m p a n y -----58-84-95
S e c u r ity N a tio n a l B a n k — S io u x C ity . . 93
S p a r k s an d C o m p a n y .................................... 52
S p e n c e r C h e m ic a l C o m p a n y ...................... 40
S to c k Y a r d s N a t io n a l B a n k — O m ah a . . 74
S to c k Y a r d s N a t io n a l B a n k —
S ou th St. P a u l ............................................. 65
U
U n ite d S ta te s C h e c k B o o k C o m p a n y . . 84
U n ite d S ta te s N a tio n a l B a n k —
O m ah a ........................................................... 76-77
V
V a lle y B a n k a n d T r u s t C o m p a n y ........... 89
V a lle y N a tio n a l B a n k — P h o e n ix , A r iz o n a ........................................ 53

w

W a lte r s , C h a rle s E., C o m p a n y ................ 84
W e s t e r n M u tu a l I n s u r a n c e C o m p a n y . . 58

BOUGHT
and

SOLD

A CONFIDENTIAL, PERSONAL SERVICE

IN

Since

1905

DUBUQUE

Founded on More Than 3 0 Years Experience

“ A m erican

All N e g o tia tio n s C on fid en tial

Trust

The Satisfactory Sale of a Bank Involves Many
Matters of Importance.
In Addition to Finding a
Qualified and Acceptable Purchaser, the Skill and
Know-How That Comes Only from Long Experience
Is Also Important.

L e a d s the W a y ’’

• T h e la test
e q u ip m e n t an d

O ur Experience Con H elp Y ou
W rite Us In Confidence About Your P ro b lem or Invite Us to Call for a Personal C o nference-at
No Cost to You.

.

Bankers Service C ompany
BOX 1435

•

DES MOINES S. IOWA

•

m e t h o d s , p lu s a
f r ie n d ly a ttitu d e ,
are g e a r e d to b e
o f se rv ic e to
y o u at an y tim e .

TELEPHONE 2-7800

,

IOWA •LITHOGRAPHING ■COMPANY
FOUNDED BY GEORGE H. RAGSDALE • •

• EDWIN G. RAGSDALE » U C M I * * »

A C O R N

"A ccepted Sale Registers by Bank
Clerks Everywhere"

515 TWENTY EIGHTH STREET

DES • M O I N E S

For information write

THE ACORN PRINTING C O .
Q UALITY • E X P E R I E N C E

• SE R V I C E

Northwest ern Banker, November, 7955


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Federal Reserve Bank of St. Louis

i®v

R4 ££re

OAKLAND. IOWA '

The

MEMBER
F DIG
FRS

F rie n d ly

AM ERICAN TRUST & SAVINGS BANK
Dubuque, Iowa

97

.

In the

DIRECTOR’S
ROOM
'

It's So True!
“ The woman next door has a hat
just like the one I bought,” the wife
said.
“And I suppose you want me to
buy you another one,” he replied.
“Well, it would be cheaper than
moving.”
Real Recommendation
A woman recommended a physician
to her girl friend who did not feel
up to par. “ But is he good?” inquired
the girl.
“ Is he good?” the woman replied
stiffly. “Would I be going to him twice
a week for 20 years if he were not?”
They Don't Play Fair
Little Elsie complained to her fa­
ther that every day when she started
home from school some of the boys
would grab her and kiss her. “Why
don’t you try to run away from
them?” suggested papa.
“ I did try it,” said Elsie, “but they
won’t chase me.”
A Real Savings
“Give me a cigarette, Bill.”
“ I thought you had quit smoking.”
“Well, I got to the first stage. I’ve
quit buying.”
No Straight Answer
He: Pardon me, but may I ask your
age?
She: Why, I have seen 19 summers.
He: May I ask another question?
She: Certainly.
He: How long have you been blind?
It's Logical
“What’s a Grecian urn, daddy?”
“ I don’t know, son. Guess it de­
pends on what he does.”
She Wins Again
The motorist and his wife hadn’t
spoken for miles. They’d had an ar­
gument and neither would budge.
Suddenly the man pointed to a mule
in a pasture they were passing. “Rela­
tive of yours?” he asked. “Yes,” she
replied, “by marriage!”

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

-,

Take Your Choice
A new watchman heard noises in
the dark warehouse. Drawing his re­
volver, he went to the door and called:
“Come out with your hands up, so I
can see who you are. If you don’t
I’ll come in and see who you were.”
Inex perienced
A youthful rector, calling on his
parishioners, arrived at a home in
which there was a new baby. The
proud mother exhibited the infant,
and the rector was lavish in his praise
for its beauty. “ How old is it?” he
asked.
“Just two months old today,” was
the reply.
“How interesting. Is it your youngest?”

C O N V E N T IO N S
1955
November 13-16, Robert Morris Asso­
ciates, Annual Fall Conference,
Dallas, Texas.
November 14-18, Financial Public
Relations Association, Hollywood
Beach Hotel, Hollywood, Florida.
December 1-3, A.B.A. National Agri­
cultural Credit Conference, Mor­
rison Hotel, Chicago.
1956
January 16-17, Wisconsin Bankers
Midwinter Conference, Schroeder
Hotel, Milwaukee.
January 16-18, ABA National Credit
Conference, Conrad Hilton Hotel,
Chicago.
January 30-31, ABA Savings and Mort­
gage Regional Conference, Hotel
Muehlebach, Kansas City.
February 3, Graduate School of Bank­
ing 20tli Reunion and Faculty
Conference, Sheraton-Astor Hotel,
New York City.
February 6-8, ABA Midwinter Trust
Conference, Waldorf-Astoria Ho­
tel, New York City.
February 7-9, Missouri Bankers Bank
Management Conference, Colum­
bia.
February 23, Illinois Bankers Mid­
winter Conference, Hotel Jeffer­
son, St. Louis.
March 5-7, ABA Savings and Mort­
gage Conference, Statler Hotel,
New York City.
March 19-21, ABA Installment Credit
Conference, Jefferson Hotel, St.
Louis.

“ Facts and Figures''
“John, dear, I’m to be in an ama­
teur theatrical. What will people say
when I appear in tights?”
“ They’ll probably say I married you
for your money.”
She's in Luck
A woman driver of a Volkswagen
stopped on the highway with engine
failure. Luck was with her, for with­
in a few minutes a car came along
and stopped beside her—it was also a
small, rear-engined vehicle. “ It’s no
wonder my car stopped,” said the first
woman, “ I looked under the hood and
the engine is gone.”
“Don’t worry,” replied her rescuer,
“ I looked in my trunk the other day
and found a spare motor.”
March 25-28, Association of Reserve
Bankers,
Roca
Raton
Club,
Florida.
April 22-24, ABA Executive Council
Spring Meeting, Greenbrier Hotel,
White Sulphur Springs, West
Virginia.
May 13-15, Missouri Bankers Associa­
tion, Jefferson Hotel, St. Louis.
May 13-15, Texas Bankers Associa­
tion, Statler-Hilton Hotel, Dallas.
May 17-19, American Safe Deposit As­
sociation, Hotel Statler, Hartford,
Connecticut.
May 18-19, North Dakota Bankers As­
sociation, Plainsman Hotel, Williston.
June 4-6, Illinois Bankers Association,
Palmer House, Chicago.
June 4-8, American Institute of Bank­
ing, Adolphus Hotel,
Dallas,
Texas.
June 11-13, Minnesota Bankers As­
sociation, Hotel Nicollet, Minne­
apolis.
June 11-23, Graduate School of Bank­
ing, Rutgers University, Prince­
ton, New Jersey.
June 15-16, Wyoming Bankers Associ­
ation, Jackson L a k e L o d g e ,
Moran.
June 18-20, Wisconsin Bankers As­
sociation, Schroeder Hotel, Mil­
waukee.
June 21-23, Montana Bankers Associa­
tion, Many Glacier Hotel, Glacier
National Park.
October 7-11, Financial Public Rela­
tions Associations, Statler Hotel,
Dallas, Texas.
October 28-31, Iowa Bankers Associa­
tion, Hotel Fort Des Moines, Des
Moines.
N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1955

98

LF>(ÌAL

Can D river De D enied Danuujes
D ecause H e H ad Deen Drinkintj?
This and Other Questions
Are Answered by the Legal Department

Q

. A M in n esota banker and another
man w ere in volved in an accident w ith
th eir au tom ob iles in th at state. One
o f the cars had stalled. T h e driver o f
it had been drin kin g. C ivil litigation
ensued in w hich one o f the drivers
sought to recover dam ages fro m the
other. It w as asserted that the driver
w ho had been drin kin g w a s guilty of
con trib u tory n egligen ce and because
o f th is fau lt should not recover d a m ­
ages. D id the sim ple fact, standing
alone, that the drin kin g had occurred
m ake th at driver g u ilty o f con trib u ­
tory negligence.

The mere fact that a plaintiff in an
automobile accident case might have
been under the influence of alcohol
did not in and of itself constitute con­
tributory negligence. He was under
the law required to exercise the same
degree of care as that required of a
sober person. If he was under the in­
fluence of liquor, it was competent to
show impairment of his powers of ob­
servation, if any, and the likelihood of
impaired recollection. The Minnesota
Supreme Court has so ruled in a re­
cent decision, commenting further:
• . if his intoxication in any degree
contributed proximately to his injury,
it was . . . contributory negligence;
but unless it did so contribute or un­
less he failed to exercise the degree of
care required of a sober person, the
mere fact that he may have been
under the influence of alcohol did not
in and of itself constitute contributory
negligence.”

Q.

Suppose a tru st officer o f an
Io w a tru st com p an y is con fron ted w ith
a situation w h ere a decedent has
nam ed his bank as execu tor o f her
w ill; th at such Avill had a residuary
clause p a ssin g the decedent’s estate
to h er d a u gh ter a fter variou s specific
bequ ests w ere m ade; that the decedent
ow n ed certain property w h ich she did
not k n o w she ow n ed at the tim e her
w ill w a s m ade and at the tim e she
died; and th at there was no indication
th at the testator intended any of the
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1955


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

residue o f her estate to go to anyon e
but h er dau gh ter. Should such trust
officer treat w ith the m atter on the
b asis that the p roperty w en t to the
dau gh ter under the residu ary clau se?

Yes. The Iowa Supreme Court has
ruled in a recent decision involving
analogous facts. In doing so it cited
with approval decisions from Penn­
sylvania, North Carolina, New York,
Tennessee, and Washington, as well
as other legal authorities. Such a
clause must be construed as passing
all that the te s ta trix p ossessed ,
whether she was aware that she
owned it or not. Indeed, one purpose
of a general residuary clause is to
dispose of such things as may be for­
gotten or overlooked, or may be un­
known.
G ) . A M in n esota b an k director ow ned
and operated a retail gasoline and oil
filling station b u sin ess. H e told one
o f his em p loy ees that if he w ou ld c on ­
tinue to w ork for him fo r five years
he w ou ld give him a b on u s o f $1<M) per
year. T h e em p loy ee w o rk ed fo r him
fo r six years th ereafter. A fte r the e m ­
p loy m en t w a s term in ated , he sough t
to recov er th e b on u s. W e r e the cir­
cu m stan ces in w h ich the p rom ise w as
m ade such that the em p lo y er w as
hound to pay to the em p loyee the
prom ised b on u s?

Yes. The Minnesota Supreme Court
has so ruled in a case involving sim­
ilar facts, saying the bonus was not
a gift but in effect a raise in wages in
return for new service. The consider­
ation was adequate and the employee’s
compliance with the terms of the offer
created a contract which was supple­
mentary to the contract of employ­
ment. The purpose and effect of the
promise of the bonus was to induce
the employee to refrain from exercis­
ing his liberty of quitting. When, in
reliance on the promise, the employee
refrained from quitting for the period
designated, there was sufficient consid­
eration to render the promise enforce­
able. Decisions from Washington, Vir­
ginia, Missouri and other authorities
were cited by the court as precedents
for its holding.

Q.

T h e board o f cou n ty com m is­
sioners o f a South D ak ota county
sought to issue bonds and purchase a
local hospital w hich w as in receiver­
ship and in w h ich a local ban k w as
interested. Th e board w as em pow ered
by statute to “ establish and m aintain
a cou n ty hosp ital” and to issue bonds
“ fo r the purpose o f pu rch asin g a site
fo r such hospital and for the erection,
eq u ip m en t, and m aintenance th ereof.”
Could it, u n der such statute, legally
issue the bonds and b u y the h osp ital?

No, under a recent South Dakota
Supreme Court ruling on a similar sit­
uation. In doing so the Court said:
“A county in this state is a creature
of statute and has no inherent author­
ity. It has only such powers as are
expressly conferred upon it by statute
and such as may be reasonably im­
plied from those expressly granted . . .
The legislature has confined the au­
thority conferred to a specific and
clearly indicated purpose or purposes
and defendant board has no authority
to issue bonds and expend the pro­
ceeds thereof for the accomplishment
of a different purpose outside and be­
yond such limitations.—$$

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P O S T I N G AND
REFERENCE

height a d ju s t ­
ment a va i l a b l e !

STAN D

OTHER MODELS, TOOT

6 /iect/fade /eafawfi


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Federal Reserve Bank of St. Louis

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W E 'D


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Federal Reserve Bank of St. Louis

LIKE

TO

VISIT

YOUR

BANK

Regularly we visit Iowa banks in all parts of the state. Calling on you
to discuss your correspondent banking problems is our business. Feel
free to call on us whenever we can be helpful.

We’ll welcome your

invitation to discuss any phase of your banking business.

Correspondent Banking Department
Gerald O . Nelson

Everett M . Griffith

V ic e President

V ic e President

M ichael J. Costello

Christy F. Armstrong

Assistant Cashier

Assistant Cashier

T ) i:s M o in e s
N a t io n a l B a n
Des Moines
Member Federal Deposit Insurance Corporation

•

k
Founded 1868